Passo Purchases Development Site In West LA Sawtelle From Wertz Realty Investments

The development site at 11970 Santa Monica Blvd, 90025 sits in the West LA Sawtelle market. The asset comprises a 73,900-square-foot building with a 17,207-square-foot commercial assemblage and is slated for a 162-unit project under the ED1 program with an estimated budget of about $50 million. The sale price was $7,150,000.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $7,150,000
• Address: 11970 Santa Monica Blvd, Los Angeles, CA 90025
• Market: West LA Sawtelle
• BSF: 73,900 SF
• Commercial Assemblage: 17,207 SF
• Units Proposed: 162
• Cost Per Unit: $44,000
• PPBSF: $96
• Buyer: Sabin Burrell, Simon Aftalion & Daniel Glimcher – Passo
• Seller: Mike Wertz – Wertz Realty Investments
• Buyer's Representative: Errol Spiro & Dave Miller – Miller & Desatnik Realty
• Note from Broker: The proposed project includes 162 units within an approximately 73,900 square foot building, with an estimated budget of approximately $50 million.
• Note from Buyer: Passo is a Los Angeles-based real estate firm focused on delivering high-quality affordable housing to meet the city’s urgent and growing needs. We’re actively pursuing new ground-up projects in prime LA neighborhoods and welcome inquiries from property owners interested in joint venture opportunities. Please reach out to [email protected] with potential sites.

Representing the purchasing group Passo, Miller & Desatnik Realty successfully secured acceptance of the off-market offer. This closing marks Passo’s tenth since its 2024 launch, bringing total development costs across the portfolio to more than $200 million.