Multifamily Properties Close in West Hollywood

LOS ANGELES – December 2, 2014 – Optimus Properties, LLC has completed the $3.9 million sale of two 100 percent occupied, rent-controlled properties located at 7604 Lexington Avenue (7 units) and 7605 Lexington Avenue (5 units) in West Hollywood.

Neema Ahadian of Marcus and Millichap represented the Seller, an affiliate of Optimus Properties, LLC.  The buyer was represented by Janet Neman, Senior Managing Director of Charles Dunn. The closing cap rate was a 4.38 percent and the price-per-square-foot was $635.

“These assets are located in an A+ location and offer the buyer a lot of flexibility and upside,” says a Principal of Optimus Properties, LLC, K. Joseph Shabani.

Built in 1920 and 1926, the two properties feature a mix of 2 bedroom, 1 bedroom and studio apartments that were renovated with luxury finishes, including new kitchens with quartz countertops and glass tile backsplash, Carrera marble bathroom counter tops and floors, hardwood laminate floors and walk-in closets. Common area amenities include a courtyard, laundry facilities, and gated entry.

“We are elated at the returns we achieved for our investors in such a short period of time and look forward to future transactions,” says Kamyar 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.