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Ocean View Apartments Purchased for Redevelopment in Santa Monica

LOS ANGELESMarch 2, 2015 /PRNewswire/ — Optimus Properties, LLC has completed the $15.56 million purchase of a 25 unit apartment complex located at 615-617 Ocean Avenue in Santa Monica as the sponsor for an investor.

The buyer and seller were represented by Kitty Wallace from Colliers.

Built in 1953, these garden style apartments are within walking distance to the ocean with expansive views.  The new owners plan to do extensive renovations to the exterior to modernize the look of the building including a new paint scheme and updated landscaping.  Units will be renovated as they become vacant.

“This was a once in a lifetime generational property.  We feel lucky to have been able to acquire this asset for the investor,” said K. Joseph 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.

SOURCE Optimus Properties, LLC