Champion Buys Los Angeles Student Housing Asset for $14M
The new owner intends to implement capital improvement programs at the 102-bed property.
Champion Real Estate Co. has expanded its Los Angeles portfolio with the acquisition of a 102-bed community. A local private investor sold the 47-unit property, which changed hands for $14.1 million and is the company’s third community near the University of Southern California.
The new owner will rebrand the property as Victory on Portland. Senior Vice President John Taksa from RE/MAX Commercial & Investment Realty worked on behalf of both parties.
Located at 2353 Portland St., the building is within walking distance of several public transit, retail and entertainment options, less than two miles from the intersection of interstates 10 and 110. Additionally, the community is situated roughly 8 miles from the University of Southern California.
Completed in 1964, the property will undergo capital improvements for both the interior and exterior. The units will be upgraded with new stainless steel appliances, HVAC units, stone countertops, modern cabinetry and laminate wood flooring. Common-area amenities such as the pool, student lounge and leasing office will also be renovated.
California has proven to be an attractive state for student housing investors. Less than a month ago, a Landmark Properties-partnership closed on the acquisition of Sol at West Village. The 2,289-bed community is close to the University of California in Davis, Calif.