BLT Enterprises, based in Santa Monica, recently sold a desirable parcel of land about 12 miles west of downtown Los Angeles to Wiseman Residential for $13.75 million. Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises as the seller, and Wiseman Residential represented itself as the buyer in the transaction.
Wiseman is based in L.A. and intends to build a six-story, 119-unit apartment community on the site. Entitlements for the property were obtained by BLT with the help of their architects at KFA and land use counsel Dale Goldsmith. What used to be a gas station and surface parking lot will soon become new homes.
“In line with our ongoing strategy to identify the highest and best use for each of our properties, we recognized that this asset was best suited for multifamily redevelopment,” says Bernard Huberman, founder and president of BLT Enterprises. “Based on our expertise, we completed the entitlement process and decided to sell to a prominent multifamily developer, while reinvesting in properties that more closely reflect our core focus in creative office and industrial spaces.”
The site is well located off the 405 Freeway and adjacent to the Sawtelle corridor. BLT bought the property in 2007 for $6.3 million. In 2017, BLT began the process of entitling the site for redevelopment into a multifamily community through the city’s Transit Oriented Communities ordinance. The entitlements were completed in 2019.
“This asset is located at the gateway to West Los Angeles, a dynamic submarket where multifamily-entitled properties are in high demand with developers,” says Huberman. “Entitling properties in this competitive market requires a significant investment of time and financial resources. By presenting Wiseman with a fully entitled asset in an unmatchable location, BLT was able to streamline the process to bring much-needed affordable housing to this market.”
As one of the first Transit Oriented Communities to be approved under the City of Los Angeles’ JJJ measure, which was approved by voters, 17 of the planned 119 units will be dedicated to affordable housing. Specifically, BLT opted to include apartments for the very low-income, the mid-tier of affordable units, in order to meet the need identified by the neighborhood.
The planned apartment community will include a variety of floor plans. Amenities will include a fitness center, outdoor patios and barbecues, open space, and community gathering areas.
