LOS ANGELES – September 2, 2015 – Optimus Properties, LLC has completed the $9,975,000 acquisition of a 71 unit apartment complex located at 1025 N. Serrano Avenue in Hollywood. The building is situated just southeast of the intersection of Santa Monica Boulevard and Western Avenue. “The property is in the heart of one of the most desirable submarkets in Los Angeles and fits nicely in our portfolio of multi-family properties,” said Kamyar Shabani, a principal of Optimus Properties, LLC.
The building was built in 1927. The seller, a private real estate company based in Los Angeles, had spent $400,000 upgrading the property. The new owners plan to renovate interior units as they become available and upgrade the lobby area and common areas while retaining its old world charm. “Our plan is to perform higher grade improvements than our predecessors as we believe the demand exists in this market for that type of product,” says 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.