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Encino Offices Trade for Conversion to Affordable Housing
Lee & Associates LA North/Ventura represented 5435 BALBOA LLC in the sale of a 74,947-square-foot office building located at 5435-5445 Balboa Blvd. in Encino to Elysian Housing and Capstone Equities for $20.64 million. Elysian Housing and Capstone Equities will convert the office building to an affordable housing community, The Oaks on Balboa. It will include 117 studio and one-bedroom apartments.
The Lee & Associates team of principal Darren Casamassima and principal/managing director Scott Romick represented both the seller and the buyer.
“There is no debate that the region has a huge need for affordable housing but developing affordable housing has many hurdles and requires creativity,” said Casamassima. “While it is often difficult to convert office buildings into multifamily, this building provided the perfect fit of floorplate depth, ceiling height, configuration and natural lighting for Capstone Equities to move forward with this project.”
The property is located along the 101 Freeway.
- ◦Sale/Acquisition
