Investor Pays $20.64 Million for LA Area Office Building; Property To Be Redeveloped to Affordable Housing

LA Office Building Sold for $20.64 Million to Be Converted into Affordable Housing

The sale of a 74,947-square-foot office building at 5435-5445 Balboa Boulevard in Encino, California, for $20.64 million marks a significant step towards addressing the affordable housing crisis in the Los Angeles area. The property, purchased by Elysian Housing and Capstone Equities, is set to be transformed into The Oaks on Balboa, a community offering 117 studio and one-bedroom apartments. This development underscores the growing trend of con…

Investor Pays $20.64 Million for LA Area Office Building; Property To Be Redeveloped to Affordable Housing

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 com…