LOS ANGELES, March 18, 2015 /PRNewswire/ — Optimus Properties, LLC has completed the $2.25 million acquisition of a 24 unit apartment complex located at 1423 Magnolia Avenue in Los Angeles.
The buyer was represented by Janet Neman, Senior Managing Director of Charles Dunn. The closing cap rate was a 5.03 percent and the price-per-square-foot was $127.
Built in 1913, this brick building is situated between gentrifying Korea Town and the University of Southern California. The new owners plan to do extensive renovations to the exterior to modernize the look of the building including a new paint scheme and updated landscaping. Units will be renovated as they become vacant.
“We have developed extensive expertise in finding and turning around under-performing assets such as Magnolia,” said Kamyar Shabani, a principal of Optimus Properties, LLC.
“We look forward to yet another successful project and quick turn-around for our investors. We are building critical mass in this area and this will assist us in cost savings for the portfolio,” said K. Joseph Shabani, a principal of Optimus Properties, LLC.
Optimus Properties, LLC, located in Los Angeles, California, was founded by K. Joseph Shabani and Kamyar Shabani and employs a disciplined investment approach focused on value creation in multifamily properties throughout Los Angeles.
SOURCE Optimus Properties, LLC