Home Finance 43-Unit Apartment Community in Burien Sells for $10.5MM

43-Unit Apartment Community in Burien Sells for $10.5MM

Optimus Properties, Burien 13007 12th Ave. SW

(EDITOR’S NOTE: According to public documents filed with King County, the property sale closed on 5/31/2022. The buyer was an entity based in Lakewood, Wash. The per unit pricing came to $243,023 per unit.)

Optimus Properties, LLC has sold a 43-unit apartment building and adjacent SFR in Burien, WA. The assets, which are located at 13007, 13011 & 13035 12th Ave. SW and were originally constructed in 1953 and 1966, are situated on 1.35 acres of land, approximately 1.5 miles north of downtown Burien.  With a thriving downtown core, easy access to Downtown Seattle and Sea-Tac Airport, miles of waterfront, and lively events and entertainment, Burien is one of Puget Sound’s hottest up-and-coming communities.

“We purchased this asset in 2018 and it was our first acquisition in the Pacific Northwest.  We tailored our value-add strategy to conform to the area, and the asset performed very well as a result” said Kamyar Shabani, Principal at Optimus Properties, LLC.

Burien’s walkable downtown is noted for its authentic ‘main street’ feel, with boutique retail and a foodie paradise of diverse restaurants serving a large segment of the population in South King County and West Seattle.

The property was repositioned through both exterior and interior improvements as units naturally turned.  

The company’s outlook on current market conditions remains positive.  Kamyar Shabani added “We remain bullish on well located value-add opportunities throughout the Pacific Northwest, especially as rents in first and second tier locations outside of the Downtown core have exceeded pre-pandemic levels.“  “We look forward to acquiring additional value-add investments throughout the Pacific Northwest”, added K. Joseph Shabani, Principal at Optimus Properties, LLC.

Sid Warsinske, Ryan Dinius, Philip Assouad and Giovanni Napoli of Marcus & Millichap/IPA represented the seller in the disposition.

About Optimus Properties, LLC

Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing, and management of multifamily, retail, and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation. The Company’s investments are characterized by direct principal involvement and a meaningful contribution of its principals’ capital. The Company’s current portfolio consists of retail, office, medical office, and multi-family properties in California, Oregon, Washington, and New Mexico.