Curated News
By: NewsRamp Editorial Staff
July 31, 2025
Encino Office Building Sold for $20.64M to Become Affordable Housing
TLDR
- 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.
Impact - Why it Matters
This news underscores the critical need for affordable housing solutions in Southern California and showcases how commercial real estate can be repurposed to meet this demand. The conversion of office buildings into residential units not only addresses housing shortages but also revitalizes underutilized properties, benefiting communities and investors alike. It reflects a broader shift in real estate strategies towards sustainability and social impact, making it relevant for stakeholders in housing, urban development, and commercial real estate.
Summary
Lee & Associates, a leading commercial real estate firm, has facilitated the sale of a 74,947-square-foot office building in Encino, California, for $20.64 million. The buyers, Elysian Housing and Capstone Equities, plan to transform the property into The Oaks on Balboa, an affordable housing community featuring 117 studio and one-bedroom apartments. This transaction highlights the growing trend of converting office spaces into residential units to address the acute shortage of affordable housing in Southern California. The deal was brokered by Darren Casamassima and Scott Romick from Lee & Associates' LA North/Ventura office, who emphasized the property's suitability for such a conversion due to its design and location. The building's prime position near the US 101 Freeway and local amenities further enhances its appeal for residential redevelopment. Romick is also marketing an eight-acre parcel in Warner Center for potential multifamily or workplace housing, signaling ongoing opportunities in the region's real estate market.
Source Statement
This curated news summary relied on content disributed by citybiz. Read the original source here, Encino Office Building Sold for $20.64M to Become Affordable Housing
