(EDITOR’S NOTE: the sales price for the property was $5,161,000, or approximately $120,023 per unit, according to public documents filed with King County).
Burien (Seattle), WA – Optimus Gledhill Partners, LLC has acquired a 43-unit multifamily community located at 13007 12th Avenue SW in Burien, WA, approximately 15-minutes south of Downtown Seattle. This is the first acquisition between the principals of Optimus Properties, LLC and Gledhill Capital who are focused on growing a portfolio of value-add multifamily properties in core markets outside of Los Angeles.
The property – which was originally built in 1966 and features a unit mix of predominantly large two-bedroom floorplans – has undergone only minor improvements since its construction. “The age and condition of the asset provides significant room for value-add improvements. Upon completion of the renovation, we’re confident we’ll be offering future residents a high-quality product at a much more affordable price point than neighboring Downtown Seattle,” said Shabani. “When compared to rent points being achieved at similarly renovated product in the submarket, we view this as a tremendous value-add opportunity and great entry point into one of the top rental markets in the country.” added DiSimone.
The property’s location benefits residents due to its proximity to Downtown Burien’s local shops and entertainment, the Burien Transit Center providing public transportation to several nearby employment hubs, as well a short commute into Downtown Seattle.
Laura Fox and Ted Sipila of Kidder Mathews assisted the seller in the transaction; Shahin Yazdi of George Smith Partners assisted the buyers with financing.
About the Joint Venture Partners
Optimus Gledhill Partners, LLC is a partnership between the principals of Optimus Properties, LLC and Roxbury Ventures, LLC and Gledhill Capital. Optimus Properties, LLC is a privately held real estate investment company engaged in the acquisition, development, leasing and management of multi‐family, retail and commercial real estate. The company was established by Kamyar Shabani and K. Joseph Shabani and 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 and New Mexico.
Gledhill Capital, LLC is a multifamily owner/operator focused on value‐add opportunities in select markets including Seattle, Portland, Los Angeles, Austin, and San Antonio. The company targets underperforming assets with deep value add characteristics, assets that are selling at or below replacement cost, and assets that offer compelling risk adjusted returns for creating long-term value for investors. The company was founded in 2017 by Michael DiSimone and seeks to leverage Mr. DiSimone’s 15+ years of real estate experience in multifamily acquisitions, brokerage, and asset management.