Optimus Properties Purchases 3 LA Buildings

Optimus Properties Purchases 3 LA Buildings

Optimus Properties has purchased three multifamily buildings in L.A. for an undisclosed sum.

The Century City-based company purchased properties on Norton Avenue, Virginia Avenue and Beachwood Street, bringing the company’s portfolio to more than 800 units in the L.A. metro area.

The properties on Beachwood Street and Virginia Avenue are both in East Hollywood. They are two-story buildings from the mid 1960s.

The property on Norton Avenue was built in 1956. It is a two-story apartment building near Crescent Heights in West Hollywood. The nearby area, according to Optimus, has a $2 billion development pipeline.

“These assets continue Optimus' approach in acquiring properties with established value but also tremendous growth potential,” Kamyar Shabani, a principal at Optimus Properties, said in a statement. “Values in West Hollywood and East Hollywood are historically strong but trending stronger still.”

K. Joseph Shabani, a principal at Optimus Properties, said the company was still interested in well-located properties.

“We believe that Los Angeles commercial real estate remains a solid investment with potential for growth,” Shabani said in a statement. “These particular assets are centrally located near nodes of employment, entertainment and commerce, and are, quite simply, great places to live. We are convinced this area will continue to flourish.”

The company also recently acquired a 16-unit multifamily building in Baldwin Hills and a 17-unit property in West Los Angeles/La Cienega Heights.

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