LOS ANGELES – December 23, 2015 – Optimus Properties, LLC has completed the acquisition of a 14 unit apartment complex located at 970 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. Additionally, the building has been well maintained, has parking, secured entry, and is just down the street from 1025 N. Serrano Ave, a 71-unit apartment building that we recently purchased” said Kamyar Shabani, a principal of Optimus Properties, LLC.
The building was built in 1954. The seller, two families who had owned the property for over 40 years, had upgraded the property with new paint, a new roof and landscaping. The new owners plan to renovate interior units as they become available to further improve the property. “Our plan is to perform high grade improvements 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.