Optimus Properties has expanded its footprint in Southern California with a multifamily acquisition in Van Nuys.
The Century City, California-based real estate company has bought 100 condominium units at 15425 Sherman Way in a deal worth about $21 million.
The property is part of a larger, 161-unit condominium complex.
The acquisition comes as Optimus has been buying larger assets located near major employment centers in greater Los Angles, such as its recent purchase of a opens in a new window38-unit apartment building in Old Town Pasadena.
The company pointed to a recent opens in a new windowNational Multifamily Housing Council report that found that 84% of apartment households made a full or partial rent payment by April 12 during the coronavirus crisis, underscoring Optimus’ feeling that multifamily assets are a secure investment driven by strong employment hubs and rental collections.
Amid the economic disruption caused by the pandemic, opens in a new windowJoseph Shabani, a principal at Optimus, described the transaction as “a direct result of the team’s ability to both identify value and leverage our relationship with First Republic Bank, to secure an above-average yield in a competitive buyer landscape.”
Shabani added that the property has “institutional quality to its charm, with an array of exit strategies.”
“We were most drawn to the size and resort vibe of the property,” added opens in a new windowKamyar Shabani, principal at Optimus. “Given the asset’s convenient location to the 405 freeway, in addition to its comparatively low price point for the Southern California region, we believe there is significant upside to the deal in the long-term.”
opens in a new windowKamyar Shabani added that “the asset is well-positioned for investors looking to find security amidst market uncertainty and volatility.”
Optimus Properties’ portfolio includes retail, office, medical office and multi-family properties in California, Washington and New Mexico.
The firm also recently acquired a 20-unit apartment building in Palms on Westwood Blvd., a prime high street-retail asset located in the Golden Triangle of Beverly Hills and has several other projects in the works in Southern California, including a planned 255-unit development in Pico Rivera.