X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SUN VALLEY, CA-An affiliate of North Hollywood-based L.A. Family Housing plans to develop a 61-unit affordable housing complex on a recently acquired site here, according to Encino broker Ash Joshi. Joshi, principal of Capital Realty Solutions Inc., reports that Glenoaks Gardens LP, an entity of North Hollywood-based L.A. Family Housing, acquired two contiguous parcels at 8925 and 8933 Glenoaks Blvd., totaling approximately 34,225 sf.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.