LA Office Building Sold for $20.64 Million to Be Converted into Affordable Housing
TL;DR
Lee & Associates facilitated a $20.64M sale, turning an office into affordable housing, showcasing a strategic advantage in commercial real estate conversions.
The conversion process involved analyzing the building's floorplate depth, ceiling height, and natural lighting to ensure suitability for affordable housing development.
The Oaks on Balboa project addresses the critical need for affordable housing in Southern California, improving living conditions for future residents.
A 74,947-square-foot office in Encino transforms into 117 affordable apartments, highlighting innovative real estate solutions in high-demand areas.
The sale of a 74,947-square-foot office building at 5435-5445 Balboa Boulevard in Encino, California, for $20.64 million marks a pivotal step towards addressing the affordable housing crisis in the Los Angeles area. The property, acquired by Elysian Housing and Capstone Equities, is set to be redeveloped into The Oaks on Balboa, a community offering 117 studio and one-bedroom apartments. This transaction was facilitated by Lee & Associates LA North/Ventura, showcasing the potential for office-to-multifamily conversions in meeting housing demands.
Darren Casamassima, Principal at Lee & Associates, highlighted the challenges and creativity involved in developing affordable housing, noting the building's suitability for conversion due to its floorplate depth, ceiling height, configuration, and natural lighting. Scott Romick, Principal/Managing Director, emphasized the growing trend of such conversions in Southern California, pointing to the success of similar projects and the promising outlook for future developments.
Located in the San Fernando Valley, the property benefits from its proximity to the US 101 Freeway, retail outlets, restaurants, schools, and parks, making it an ideal location for affordable housing. Romick is also involved in the sale of an eight-acre land parcel in Warner Center, further underscoring the opportunities for multifamily and workplace housing developments in the region.
This development not only represents a significant investment in the community but also reflects the evolving strategies of developers to repurpose existing structures for residential use. For more information on Lee & Associates and their services, visit https://lee-associates.com.
Curated from citybiz