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 transaction, which closed at $20.64 million, involves buyer Elysian Housing in partnership with Capstone Equities. The property will be transformed into an affordable housing development known as The Oaks on Balboa, featuring 117 studio and one-bedroom apartments.
The deal was brokered by Lee & Associates’ team of Principal Darren Casamassima and Principal/Managing Director Scott Romick, who represented both seller 5435 BALBOA LLC and the buyers.
“There is no debate that the region has a huge need for affordable housing, but developing it comes with many challenges and requires creativity,” said Casamassima. “While it’s often difficult to convert office buildings into multifamily housing, this building provided the perfect combination of floorplate depth, ceiling height, configuration, and natural lighting for Capstone Equities to move forward with the project.”
The property is strategically located along the 101 Freeway, offering convenient access and visibility—a valuable asset for its future residential use.
The project aims to offer much-needed affordable housing in the San Fernando Valley, contributing to regional strategies for addressing the housing crisis.
