LOS ANGELES, May 23, 2019 /PRNewswire/ -- An affiliate of Optimus Properties, LLC has completed the sale of a 40 unit apartment complex located near Vermont Avenue on West 8th Street in Koreatown. The property was built in 1928 and consists of studios and one bedrooms.
Many enhancements were made to the building to improve tenant satisfaction and retention, increase leasing activity, and reduce operational expenses. Improvements included unit interior renovations, new hot water boiler, solar thermal system, exterior paint, landscaping, new roof, renovated elevator cab, new intercom and access control system.
"After the successful sale of our nearby building at 3960 W. 8th Street, we are continuing that momentum with the sale of 2933 W. 8th Street," said Kamyar Shabani, a principal of Optimus Properties, LLC. "The disposition of these assets provide more resources for new acquisitions, such as our recent purchase of a 35,449 sq. ft. office building at 19725 Sherman Way in Winnetka, CA, a 60,804 sq. ft. office building at 2325 Crenshaw Boulevard in Torrance, and a soon to be announced acquisition of an 85,000 sq. ft. medical office building."
"This building will be exchanged into a larger asset that fits our current company strategy," said K. Joseph Shabani, a principal of Optimus Properties, LLC.
Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani and employs a disciplined investment approach focused on value creation in multifamily properties throughout Los Angeles.
SOURCE Optimus Properties, LLC