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| Rendering of planned apartments in West Los Angeles, CA |
LOS ANGELES, CA – BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has sold a former gas station and parking lot at 11261 Santa Monica Boulevard in Los Angeles, CA 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.
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| Bernard Huberman |
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.”
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| Dale Goldsmith |
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.
Contacts:
Lisa James / Jenn Quader
Brower Group
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