Source: Optimus Properties
LOS ANGELES, CA - Optimus Properties, LLC, a Century City based real estate company, has expanded its footprint in Southern California with a 100-condominium unit acquisition in Van Nuys valued at approximately $21 Million.
Optimus has been deploying capital in larger assets located near major employment centers in greater Los Angeles, including the recent purchase of a 38-unit apartment building in Old Town Pasadena. But with recent events transpiring from the continued disruption caused by Covid-19.
Joseph Shabani, Principal at Optimus, described the transaction as "a direct result of the team's ability to both identify value and leverage our relationship with First Republic Bank, to secure an above average yield in a competitive buyer landscape."
Shabani believes this asset has institutional quality to its charm, with an array of exit strategies. The acquisition, comprised of 100 condominium units, is part of a larger, 161-unit condominium complex.
"We are very excited about our newest acquisition. We were most drawn to the size and resort vibe of the property." Kamyar Shabani, principal at Optimus, said.
A recent National Multifamily Housing Council report found that 84 percent of apartment households made a full or partial rent payment by April 12th; highlighting the firm's conviction in the security of multifamily assets driven by strong employment hubs and rental collections.
"Given the asset's convenient location to the 405 freeway, in addition to its comparatively low price point for the Southern California region, we believe there is significant upside to the deal in the long-term," said Kamyar Shabani. He notes that "the asset is well-positioned for investors looking to find security amidst market uncertainty and volatility."