FAQ: $20.64 Million Office Building Sale for Affordable Housing Redevelopment in LA
Summary
An investor has purchased a 74,947-square-foot office building in Encino, California, for $20.64 million, with plans to convert it into 117 affordable studio and one-bedroom apartments, addressing the region's urgent need for affordable housing.
Who purchased the office building at 5435-5445 Balboa Boulevard in Encino, California?
Elysian Housing and Capstone Equities purchased the office building for $20.64 million.
What are the plans for the purchased office building?
The building will be converted into an affordable housing community named The Oaks on Balboa, featuring 117 studio and one-bedroom apartments.
Who represented the seller and the buyer in this transaction?
The Lee & Associates LA North/Ventura team of Darren Casamassima, Principal, and Scott Romick, Principal/Managing Director, represented both the seller and the buyer.
Why is converting office buildings into affordable housing challenging?
Converting office buildings into multifamily housing is difficult due to requirements like floorplate depth, ceiling height, configuration, and natural lighting, but this building was a perfect fit for such a project.
What makes the location of 5435-5445 Balboa Boulevard ideal for redevelopment?
The property is located in the prime residential and commercial heart of the San Fernando Valley, near abundant retail, restaurants, schools, parks, and the US 101 Freeway.
Are there other similar projects in Southern California?
Yes, Southern California has seen several successful office to multifamily conversion projects with many others planned.
What other properties is Scott Romick currently listing for sale?
Scott Romick is listing an eight-acre land parcel at 21115 and 21255 Califa Street in Warner Center, ideal for multifamily and/or workplace housing development.
How can I learn more about Lee & Associates?
For more information about Lee & Associates, visit their website at lee-associates.com or follow them on Facebook, LinkedIn, Twitter, and their company blog, Link.
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