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Optimus Properties, LLC enters Pasadena market with apartment building acquisition

LOS ANGELES, April 15, 2020 /Bizjournals/ – Optimus Properties has purchased a 38-unit apartment building in Old Town Pasadena.

The property, located at 400 North Los Robles Avenue, stands adjacent to the 210 freeway and within walking distance of the center of Old Town and the Gold Light Rail Lake station.

Terms of the deal were not disclosed.

“We are aware that the current market conditions are unsettling, but our conviction is that Pasadena will remain a strong rental market despite the intermediate downturn, and the purchase price reflected the current uncertainties in the marketplace,” said Optimus principal Kamyar Shabani in a statement. “We believe that local transportation initiatives and strong economic fundamentals support our position on the Pasadena market.”

Shabani added that the company plans to renovate apartments in the building as they open up “to be competitive with Old Town Pasadena inventory.”

Built in 1958, the one-story building is located across from the Kaiser Permanente Building on Los Robles Avenue. The property is also within walking distance of the Paseo, the Pasadena Playhouse and numerous retail locations within Old Town Pasadena shopping district. The building contains 27 one-bedroom units and 11 two-bedroom units averaging about 900 square feet.

“The property attracted numerous offers from potential buyers because of the rarity of the offering, overall sales inventory for this generational neighborhood and proximity to the new Light Rail Gold line,” said Optimus principal Joseph Shabani, adding that the acquisition is one of 11 properties sold in the Old Town market over the past decade.

Headquartered in Century City, Optimus Properties has a portfolio that includes retail, office, medical office and multi-family properties in California, Washington and New Mexico.

The firm most 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.

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