Optimus Properties Purchases Multifamily Asset In Los Angeles From Jung Joo Suh And Frank Oh For $9.6M

A multifamily asset located at 5214 West Sunset Boulevard in the Los Angeles market has been sold for $9,600,000. The property spans 19,404 square feet, translating to a price per square foot of $494. This building is situated on a nearly one-acre parcel of C2-1D zoned land and is part of a TOC Tier 3 community.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,600,000
• Square Footage: 19,404
• Price Per Square Foot: $494
• Buyer: Optimus Properties - Joseph & Kamyar Shabani
• Seller: Jung Joo Suh, Frank Oh, Thomas Oh
• Broker: Oron Maher - Maher Commercial Realty

Oron Maher from Maher Commercial Realty represented both the buyer and the seller in this transaction. The sale was facilitated through a strategic "call for offers" campaign that attracted over ten competitive offers, showcasing the property’s potential despite its approximately 50% vacancy rate and various tenant challenges. During the escrow period, Maher successfully addressed environmental concerns and navigated legal complexities related to neighboring bankruptcy issues, ensuring a smooth close despite economic shifts.