An entitled development site near the I-405 Freeway in Sawtelle has sold for $13.75 million, announced Santa Monica-based BLT Enterprises last week.
The property, located at 11261 W. Santa Monica Boulevard, is currently occupied by a shuttered gas station and an adjoining parking lot. BLT obtained approvals earlier this year from the City of Los Angeles to replace those uses with a six-story building featuring 119 apartments - including 17 very low-income affordable units - and basement parking for 135 vehicles. Other components of the proposed project include a gym and outdoor patios.
KFA Architecture designed the project, which would stand 67 feet in height and consist of wood-frame construction above a concrete podium.
"This asset is located at the gateway to West Los Angeles," said BLT Enterprises Founder and President Bernard Huberman in a statement. "Entitling properties in this competitive market requires a significant investment of time and financial resources."
The buyer, Wiseman Residential, is a prolific developer of multifamily housing across the Los Angeles area - including a five-story, 51-unit apartment complex now under construction three blocks west at the intersection of Santa Monica Boulevard and Purdue Avenue.
BLT Enterprises was represented by Anthony Muhlstein and Brown Bowis of Newmark Knight Frank in the transaction, while Wiseman Residential was self-represented.
A handful of similar multifamily residential buildings are planned within walking distance of the 11261 Santa Monica site, including mixed-use projects slated for Santa Monica Boulevard's intersections with Barrington and Federal Avenues.
- 11261 Santa Monica Boulevard (Urbanize LA)