Optimus Properties, LLC purchased a 21-unit apartment building located on Westwood Boulevard this week. The building, located at 3721 Westwood Blvd., was built in 1958, and is located in the Palms district of West Los Angeles, a dynamic, multi-cultural neighborhood, approximately two blocks from the Sony studio complex in Culver City, and proximate to Westwood, Beverlywood/Century City (north and northwest) and Culver City, Baldwin Hills, and Marina del Rey (south and west). The property has a unit mix of bachelor, one-, two- and three-bedroom units with diverse configurations, surrounding a central courtyard. The area is positioned to benefit from the continuance of investment in the entertainment industry and the $2 billion development pipeline clustered around the Culver City/Century City submarket of Los Angeles.
“We were very excited to close out a spectacular 2021 with this acquisition, increasing our footprint in this vital central part of West Los Angeles. Together with our recent acquisitions of 1933 Bedford Street, and 3655 Westwood Boulevard, we feel that we are strongly positioned to take advantage of this increasingly desirable living area,” said Kamyar Shabani, Principal at Optimus Properties, LLC. The area is home to both established and start up companies, large and small vital to the entertainment industry, including software, support, studios, editing and production, as well as mega-corporations such as Apple, Netflix, HBO, Sony Studios, Fox, and Amazon. With this transaction, Optimus now owns nearly 800 units across the Los Angeles metro area in addition to assets in several other states.
The property will be repositioned through both exterior and interior renovation programs with natural vacancy. Optimus’ investment plan calls for the renovation of currently vacant units with a combination of new appliances, flooring, and bathrooms. The company’s outlook on the current market conditions remains positive: “We remain bullish about choice, centrally located real estate in West Los Angeles, and we are beginning to observe that rental values for the best locations are beginning to return to expected growth levels,” stated K. Joseph Shabani, Principal at Optimus Properties, LLC.
This recent purchase of 3721 Westwood Boulevard caps off an extremely productive 2021, during which, despite trying circumstances in the market, Optimus was able to expand and grow, completing 12 major acquisitions, increasing its units by more than 100, including two deals in Portland, Oregon, and the remainder in Southern California. In addition, Optimus recently completed two commercial acquisitions and refinanced a portfolio of five multifamily properties, totaling 95 units, with refinanced proceeds of $20.4M. The group of properties underwent a multi-million-dollar remodeling process that included renovations of the common areas, unit interiors, exterior façade, and building systems. The properties are located east of Hancock Park, the Fairfax district of Los Angeles, West Hollywood, the Miracle Mile area, Central Los Angeles, and Mt. Washington.
About Optimus Properties, LLC
Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing, and management of multi-family, retail, and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation. The Company’s investments are characterized by direct principal involvement and a meaningful contribution of its principals’ capital. The Company’s current portfolio consists of retail, office, medical office, and multi-family properties in California, Oregon, Washington, and New Mexico.