Encino Office Building Sold as Residential Conversion Project for $20.6 Million

A 75,000-square-foot Encino office building was acquired by a venture that includes Elysian Housing and Capstone Equities for $20.64 million with plans to convert the property into an affordable housing community.

The sale of the building, located at 5435-5445 Balboa Blvd., was brokered by Lee & Associates LA North/Ventura, which represented both the seller and 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 Darren Casamassima, principal at Lee & Associates LA North/Ventura, in a statement. “This building provided the perfect fit of floorplate depth, ceiling height, configuration and natural lighting for Capstone Equities to move forward with this project.”

The building is located near the main thoroughfare of the San Fernando Valley and is nearby to parks, retail, restaurants and schools.

Information for this article was sourced from Lee & Associates.