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8/01/25
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A 74.9k sf office building in the central San Fernando Valley sold for $20.64 mil, or $275/sf. The building, located at 5435-5445 Balboa Blvd, adjacent to the 101 Fwy at Burbank Blvd in Encino, was acquired by Elysian Housing and Capstone Equities.
Elysian Housing and Capstone Equities will be converting the office building to an affordable housing community to be called The Oaks on Balboa. It will include 117 studio and one-bedroom apartments.
Darren Casamassima and Scott Romick with Lee & Associates LA North/Ventura represented the seller and the buyer in the transaction. The property was sold by 5435 BALBOA LLC.
“… 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.”
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