Wiseman Residential to Develop 200-unit Multifamily Project in Los Angeles' Palms

Wiseman Residential is planning its third mixed-use project on Motor Avenue in the Palms neighborhood of Los Angeles. The project aims to utilize incentives from the Exposition Corridor Transit Neighborhood Plan to construct a 200-unit apartment building with ground-floor commercial space. This development is under review by the L.A. Planning Department and the Department of Building and Safety.

Affordable Housing and Project Scope

The proposed building will include 22 affordable housing units, aligning with the developer incentives outlined in the Exposition Corridor plan. Spanning six stories, the project will encompass a total of 182,513 square feet.

Investment and Acquisition

Isaac Cohanzad, founder of Wiseman Residential, acquired the project site for $12 million through three separate parcel purchases. The transactions were brokered by Westmac Commercial Brokerage Company.

Previous Developments on Motor Avenue

If approved, this development will be Wiseman Residential’s third mixed-use project on Motor Avenue in the Palms area. Previous projects include a 68-unit complex at 3659 South Motor Avenue and a 104-unit mixed-use building at 3557 South Motor Avenue.

Other Nearby Properties

Wiseman also developed the 25-unit Palms Blue by Wiseman apartment building at 10810 Palms Boulevard, located about half a mile from the new project site. The one-bedroom units in Palms Blue range from 780 to 980 square feet, with an 800-square-foot unit starting at $3,095 per month.

Wiseman Residential’s Portfolio

Currently, Wiseman Residential manages nearly 70 apartment buildings throughout the Los Angeles market, showcasing its significant presence in the region’s real estate landscape.