Wiseman Residential plans another apartment complex in LA’s Palms
Wiseman Residential's Isaac Cohanzad (Facebook, Google Maps)
Wiseman Residential is on a tear as it plots its third mixed-use project along a strip of Motor Avenue running through Palms.
The Los Angeles-based developer aims to use incentives under the Exposition Corridor Transit Neighborhood Plan to build a 200-unit apartment building with ground-floor commercial space, Urbanize LA reported. The proposed project, currently under review by the L.A. Planning Department and Department of Building and Safety, is located at 3418-3554 South Motor Avenue.
The residential component would include 22 affordable housing units, Urbanize reported. That would be in line with requirements laid out for developer incentives under the Exposition Corridor plan.
The mixed-use project, in all, would span six stories and total 182,513 square feet, according to documents filed with the city.
Wiseman founder Isaac Cohanzad paid a total of $12 million in three separate parcel purchases that comprise the site of the proposed development, according to an October announcement on the deal from Westmac Commercial Brokerage Company, which brokered the transactions.
The project, if approved, would be Wiseman Residential’s third mixed-use development along Motor Avenue in the Palms, a neighborhood of about 2 square miles located north of Culver City and south of Cheviot Hills on L.A.’s Westside. The company’s other two multifamily complexes include a 68-unit project at 3659 South Motor Avenue and a 104-unit mixed-use building at 3557 South Motor Avenue.
Wiseman also has the 25-unit Palms Blue by Wiseman apartment building at 10810 Palms Boulevard, about half a mile from its latest proposed project. Palms Blue’s one-bedroom units are sized between 780 square feet to 980 square feet, according to the development’s website. An 800-square-foot unit starts at $3,095 per month.
Wiseman currently lists on its website nearly 70 apartment buildings within its portfolio of developed and managed properties located throughout the Los Angeles market.
Credit: TheRealDeal
