LOS ANGELES – Continuing its torrid pace of transactions, Optimus Properties, LLC, through an affiliate, has completed yet another sale; this one of a 36 unit apartment building located in Koreatown. The building, located at 511 South Rampart Avenue, was originally purchased in May 2015. Optimus purchased the property while the property was in extremely dilapidated condition with many outstanding orders to comply from the housing department. Optimus spent three months and $750,000 to renovate the building and make it a livable building for its tenants.
After Optimus purchased the property, it immediately tented the building to address pest control issues. It then installed a new roof, corrected structural defects, installed new LED lighting in the hallways, improved many of the units with new kitchens, bathrooms and fixtures and upgraded the security and landscaping.
The property was sold to a private investor based in Los Angeles.
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 office, retail, office and medical office properties throughout Los Angeles.