BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has sold a former gas station and parking lot in Los Angeles, California for $13.75 million.
BLT, with the help of their architects at KFA, land use counsel Dale Goldsmith and other consultants, obtained entitlements through the City of Los Angeles’ Transit Oriented Communities ordinance for a six-story, 119-unit apartment building. The buyer, Wiseman Residential, identified this property and the entitled plans as a perfect fit for their portfolio, and as a result, completed its due diligence and closed on the property in record time.
“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 sale to Wiseman was one of the smoothest transactions BLT has ever been involved in, according to Huberman.
BLT originally acquired the asset, ideally situated at the intersection of Santa Monica Boulevard (State Route 2) and the southbound off-ramp of the 405 Freeway and within walking distance of the thriving Sawtelle Japan corridor, in 2007 for $6.3 million. 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 Huberman, 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.
“This asset is located at the gateway to West Los Angeles, a dynamic sub-market where multifamily-entitled properties are in high demand with developers,” explains 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.”
The property is located at 11261 Santa Monica Boulevard in Los Angeles, California.
Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises as the seller and Wiseman Residential represented themselves as the buyer in the transaction.