Champion Wins Koreatown Apartments
Champion Real Estate Company announced the addition of a Koreatown multifamily asset to its portfolio.
By Alex Girda, Associate Editor
Los Angeles—Champion acquired the Ancelle Apartments and is set to upgrade the property. A number of capital improvements will be brought to Ancelle, with the company goal being to increase the property income by almost a third.
Located at 701 South Gramercy Dr. in L.A.’s Koreatown, the property mostly consists of studio and efficiency apartments. According to real estate data provider Yardi Matrix, the average unit size at Ancelle is 536 square feet. With a Walk Score of 91/100 and close proximity to the Wilshire/Western Metro Station, the property is well positioned for improvements and increased rental rates. Yardi Matrix data indicates an average rent of $1,177 at the property, well below metro L.A.’s average of around $1,725.
Champion plans to take down the adjacent building, which it also acquired from a separate entity, while continuing the conversion of the retail component into five residences, a process initiated by the former owner. The resulting vacant lot will be used as additional parking space for the community.
Image via Yardi Matrix.