LOS ANGELES, Feb. 20, 2020 /PRNewswire/ — An affiliate of Optimus Properties, LLC has completed the sale of a 16-unit apartment complex located on August Street in Baldwin Hills for $3.95 million or $247,000 per unit. The property was built in 1957 and consists of one-bedroom, two-bedroom and three-bedroom units.
Many enhancements were made to the building to improve tenant satisfaction and retention, increase leasing activity, and reduce operational expenses. Improvements included unit interior renovations, exterior renovation and seismic retrofitting.
“With multiple deals in our pipeline, this sale frees up capital that we plan on deploying in larger, more generational assets, the disposition of this asset fuels our strategy to be aggressive buyers in a tightening market,” said Kamyar Shabani, a principal of Optimus Properties, LLC.
“Due to renovated units, highly desirable transit-oriented location, and a strong unit mix, August Street apartments presented a tremendous opportunity to capitalize on a growing neighborhood,” said K. Joseph Shabani, a principal of Optimus Properties, LLC.
Optimus Properties most recently acquired a prime high street-retail asset located in the Golden Triangle of Beverly Hills.