Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced today that its LA North/Ventura office has represented 5435 BALBOA LLC in the sale of a 74,947-square-foot office building located at 5435-5445 Balboa Boulevard in Encino, California to Elysian Housing and Capstone Equities for $20.64 million.

Elysian Housing and Capstone Equities will be converting the office building to an affordable housing community, The Oaks on Balboa, which will include 117 studio and one-bedroom apartments.

The Lee & Associates LA North/Ventura team of Darren Casamassima, Principal and Scott Romick, Principal/Managing Director, represented the seller and the buyer.

“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.”

Romick went on to say “Sophisticated developers have evolved to understand the opportunities to succeed with office to multifamily conversion. In Southern California alone, we’ve seen several successful projects with many others on the horizon.”

5435-5445 Balboa Boulevard is ideally located in the prime residential and commercial heart of the San Fernando Valley area of Southern California along a main thoroughfare, the US 101 Freeway. The property is nearby abundant retail, restaurants, schools and parks.

Romick is also currently listing for sale an eight-acre land parcel at 21115 and 21255 Califa Street in the heart of Warner Center, that is perfect for a multifamily and/or workplace housing development because of its size, location, the benefits of the Warner Center Specific Plan as well as various state regulations to incentivize housing development.

ABOUT LEE & ASSOCIATES

Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout North America. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.

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