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Wiseman Residential Pays $13.75 Mil for Entitled Multifamily Dev Site in West Los Angeles

12/16/19

Wiseman Residential paid $13.75 mil for a former gas station and parking lot property located at 11261 Santa Monica Blvd in Los Angeles. The property was sold by BLT Enterprises, who, with the help of their architects at KFA, land use counsel Dale Goldsmith and other consultants, had already obtained entitlements through the City of Los Angeles’ Transit Oriented Communities ordinance for a six-story, 119-unit apartment building at the site.

BLT originally acquired the asset, ideally situated at the intersection of Santa Monica Blvd and the southbound off-ramp of the 405 Fwy and within walking distance of the thriving Sawtelle Japan corridor, in 2007 for $6.3 mil. In 2017, BLT began the process of entitling the property for redevelopment into a multifamily community through the City’s Transit Oriented Communities ordinance. The entitlements were completed in 2019.

According to Bernard Huberman, Founder and President of BLT Enterprises, the planned apartment community will include a variety of floor plans and feature state-of-the-art amenities including a gym, outdoor patios and barbecues, ample open space, and community gathering areas.

As one of the first Transit Oriented Communities to be approved under the City of Los Angeles’ JJJ ordinance, 17 of the planned 119 units will be dedicated to affordable housing. Specifically, BLT opted to include Very Low Income, the mid-tier of affordable units, in order to meet the need identified by the neighborhood, Huberman notes.

Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises, while Wiseman Residential represented themselves in the transaction.




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