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6/27/19
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Jamison Properties paid $16 mil for a residential development site in the heart of West Los Angeles. The 0.65-acre site is located 11600 Santa Monica Blvd, at the intersection with Federal Ave.
The site is suitable for approximately 100 apartments, including affordable housing units. While the property also qualifies for Tier 1 TOC, the buyer did not elect to utilize this program.
The property is in walking distance to CIM’s Target-anchored mixed-use project at Santa Monica Blvd and Granville Ave, which recently opened in April of 2019. It is also in proximity to Sawtelle Japantown, home to four of famed food critic Jonathan Gold’s “101 Best Restaurants in LA”, as well as several transportation options and major freeways.
Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, a family partnership of local, private real estate investors and owner and operator of the Blue Wave Hand Car Wash, currently located on the site. The company will lease back the property while the buyer pursues entitlements.
“The site’s great West LA location and proximity to transit garnered a lot of attention from developers,” said Lustig-Bower. “We produced a dozen offers on the property, and it eventually traded for $564 per square foot for the land.”
Multifamily development in Los Angeles is expected to remain at relatively high levels through 2019 and 2020, despite higher construction, land and financing costs, according to CBRE research. About 27,700 units were under construction as of the first quarter of this year, an 11.4% decline from the prior year. Despite the lower deliveries in Q1, multifamily construction remained elevated and near 2017 levels. The units under construction will add about 3.3% to the multifamily base in the Los Angeles market, according to CBRE’s Q1 2019 multifamily figures.
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