Optimus Properties, LLC purchased Temple KT, a seven-property portfolio of apartment communities totaling 91-units, spread out among the Koreatown and Echo Park neighborhoods of Los Angeles. The seller of the portfolio is a family trust.
The properties were constructed between 1945-1991. Unit counts for each building range between 8-30 units.
Rick Raymundo and Philip Rodgers of Marcus & Millichap represented the seller in the transaction.
“The properties in the Temple KT portfolio are located in areas that we have owned many assets in, so we know these areas well, and we are confident our value-add strategy will perform well here”, 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.
“We were able to lock in a low interest rate for this acquisition in the current rising rate environment, which added to the desirability to purchase this portfolio. We look forward to bringing these properties up to the standard that tenants demand in the up-and coming neighborhoods they are located in”, said Joseph Shabani, principal at Optimus Properties.
Optimus also recently purchased The Alvarado Collection, a two-building, 65-unit apartment community located in the same vicinity as the Temple KT properties, 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, and New Mexico.
