Underlining what he terms "growing opportunities to convert underutilized sites in the San Fernando Valley to higher and better use," Joshi points out that the site formerly housed a car wash but the buyer saw an opportunity for conversion to housing. Joshi represented both the buyer and seller Alex Leyton, trustee of the Alex Leyton Trust.
Joshi comments that the deal illustrates that buyers with a sound, market-sensitive plan, will pay fair market price for projects that could provide higher density, in particular affordable or mixed-use projects. He adds that this specific site was attractive because of its size, location, shape, excellent frontage, and proximity to retail sites. Joshi also points out that projects like the Sun Valley development are in demand in Los Angeles because of the shortage of affordable housing in the region, where market-rate for-sale and rental housing is often beyond the reach of a large portion of the population.
L.A. Family Housing was founded in 1983 to help provide affordable housing for families and individuals through an integrated system of housing and supportive service. The nonprofit organization owns and operates 21 properties, including three homeless shelters and 18 permanent rental properties.
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