Optimus Properties, LLC purchased 1806 N. Berendo St, a 34-unit apartment building located between Franklin Avenue and Hollywood Boulevard in the Los Feliz area of Los Angeles. The seller of the property is a family trust.
The property was constructed in 1988 and the unit mix consists of 10 one-bedroom, one-bath and 24 two-bedroom, two-bath apartments. Robin Ossenbeck of Kidder Matthews represented the seller in the transaction. First Republic Bank sourced the acquisition financing.
“This building is a hidden gem in a great neighborhood that keeps getting better. We are excited to implement our value-add strategy at this building and bring it up to the standards of the neighborhood”, said Kamyar Shabani, Principal at Optimus Properties, LLC.
Optimus plans to modernize the common areas, renovate unit interiors when vacancy naturally occurs and increase property management efficiencies.
“In addition to renovating units and curing multiple deferred maintenance issues, there are a significant amount of underutilized common areas and other amenities at the building that we plan to make more operational for the tenants, further enhancing the desirability of this property”, said Joseph Shabani, principal at Optimus Properties.
Jesse Liu, Partner & Director of Acquisitions, was the lead contact on the purchase of this property. Optimus recently hired Jesse to spearhead investment strategy, sourcing new investment opportunities, and expanding capital partner relationships.
Optimus also recently purchased Temple KT Portfolio, a seven building, 91 unit portfolio spread out among the Koreatown and Echo Park neighborhoods of Los Angeles. The Alvarado Collection, a two-building, 65-unit apartment community located in the same vicinity as the Temple KT Portfolio, and a 22-unit apartment building located at 2901 4th Street in Santa Monica. Recent sales include 660 S. Cloverdale Ave. and 464 N. Ogden Dr. in the Mid-City area of Los Angeles, and a 44-unit apartment community in Burien, Washington.
About Optimus Properties, LLC
Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing, and management of multi-family, retail, and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation. The Company’s investments are characterized by direct principal involvement and a meaningful contribution of its principals’ capital. The Company’s current portfolio consists of retail, office, medical office, and multi-family properties in California, Washington, Oregon and New Mexico.
