LOS ANGELES, Dec. 23, 2019 /PRNewswire/ — An affiliate of Optimus Properties, LLC has completed the sale of a 40-unit apartment complex located near West 3rd Street on South Mariposa Avenue in Koreatown. The property was built in 1928 and consists of studios and one bedrooms.
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, solar thermal system, landscaping, new roof, renovated elevator cab, new intercom and access control system.
“After the successful sale of our nearby buildings at 3960 W. 8th Street and 2933 W. 8th Street we are continuing that momentum with the sale of 238 S. Mariposa Avenue,” said Kamyar Shabani, a principal of Optimus Properties, LLC, “the disposition of this asset makes this year our most productive and profitable yet. I am truly excited to see what’s in store for 2020.”
“As the market matures and our firm continues to grow, we are focused on buying larger assets that are in line with our investment thesis based on the quality and quantity of employment opportunities in accessible locations,” said 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 and commercial properties throughout the greater Los Angeles region.