Encino Office Building Sold for Affordable Housing Conversion
Lee & Associates LA North/Ventura has announced the successful sale of a 74,947-square-foot office building located at 5435-5445 Balboa Boulevard in Encino. The property was acquired by Elysian Housing and Capstone Equities for $20.64 million. The new owners plan to transform the building into an affordable housing community named The Oaks on Balboa, which will feature 117 studio and one-bedroom apartments.
The transaction was facilitated by Lee & Associates’ team of industry veterans, Principal Darren Casamassima and Principal/Managing Director Scott Romick, who represented both the buyer and the seller, 5435 BALBOA LLC.
“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 sits conveniently along the 101 Freeway, offering accessibility and visibility suited for residential redevelopment. The Oaks on Balboa aims to make a meaningful contribution to addressing the region’s ongoing housing affordability crisis.
