LOS ANGELES – April 8, 2015 – Optimus Properties, LLC has completed the $2.2 million acquisition of a 16 unit apartment complex located at 837 S. Normandie in Koreatown.
The seller and buyer were represented by Derrick Vartanian, Andre Melikian and Jonathan Agustin Prakash or MVPartners. The closing cap rate was 5.66 percent.
Built in 1925, this frame and stucco building is located in the heart of Koreatown. 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.
“This asset fits nicely into our Koreatown strategy. We currently own a number of other apartment buildings in Koreatown, including an apartment building up the block from 837 S. Normandie,” said Kamyar Shabani, a principal of Optimus Properties, LLC.
“We particularly liked this asset because all of the units are one plus one units,” 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.