(EDITOR’S NOTE: According to data from Reonomy, the deals closed mid-June but recently recorded. Optimus paid $6,676,324, or about $145,137 per unit for Park Fiesta, and about $3.7 million, or about $123,333 per unit for The Roselee Apartments.)
LOS ANGELES — Optimus Properties, LLC has completed the purchase of two apartment buildings located in Portland, Oregon. Park Fiesta (46 units) is located in the Multnomah Village neighborhood of SW Portland and is in a charming residential area surrounded by parks and natural beauty, with neighborhood shops and restaurants located just 15 minutes south of Downtown Portland. The Roselee Apartments (30 units), located in SE Portland, is centrally located in a vital, family-friendly, community-conscious atmosphere bounded by several major transit corridors providing easy access to centers of commerce and industry. Both buildings are comprised of one and two-bedroom units. Like Portland itself, both neighborhoods benefit from a diverse mix of residents, lively retail shopping, excellent schools, and burgeoning property values across the board.
“We are tremendously excited to announce ourselves in the Portland market with this pair of acquisitions. We have long sought the right deals to join in this vibrant community, and we are very happy to have this opportunity,” said Kamyar Shabani, Principal at Optimus Properties, LLC.
Optimus will maximize the value and desirability of these buildings through both exterior and interior renovation programs, as well as expanded and improved management. Optimus’ investment plan calls for the renovation of currently vacant units with a combination of new appliances, flooring, and bathrooms, as well as a rebranding of both buildings. The company’s outlook on the current market conditions remains positive for well-positioned properties. “We believe that Portland commercial real estate has terrific growth potential. Roselee and Park Fiesta are both properties with tremendous natural advantages in terms of location and being close to downtown, while still maintaining distinctive community settings. We are convinced these two assets, with proper management, will achieve their tremendous potential,” stated K. Joseph Shabani, Principal at Optimus Properties, LLC.
Optimus is looking to add 300 additional units to its Portland portfolio in the next 12 months, and with this transaction, the firm now owns nearly 900 units across the western United States, in addition to owning office, medical office and retails deals. It has been a busy several months for Optimus, which has acquired, this year alone – a 16-unit multi-family building In Baldwin Vista, a 17-unit property in West Los Angeles/La Cienega Heights, and a three-property portfolio spread across Hollywood and West Hollywood. The Company is also in the midst of acquiring an additional 76 unit asset in Baldwin Hills scheduled for September 2021.
About Optimus Properties, LLC
Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing, and management of multi-family, 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, Washington, and New Mexico, and has recently entered the Portland, Oregon market with its purchase of two multifamily buildings there.