Champion Lands Value-Add Community in LA’s Koreatown
- Dec 12, 2016
Los Angeles—An affiliate of Champion Real Estate Co., a Los Angeles-based firm, recently announced the purchase of a 30-unit property in the heart of the city’s Koreatown. The Bard Apartments is subject to the City of Los Angeles rent stabilization ordinance. The new owner intends to improve the curb appeal, common areas and property amenities. The price of the acquisition was not disclosed.
Located at 756 S. Normandie Ave., The Bard is less than two blocks from the Wilshire/Normandie subway station for the Purple Line. The property is in the heart of the Koreatown submarket, the most densely populated district in Los Angeles, with an estimated 125,000 residents in 2.7 square miles. The neighborhood features one of the largest concentrations of nightclubs, 24-hour businesses and restaurants in Southern California.
At the time of purchase, the property was almost fully occupied. The Bard Apartments consists of 23 studios and seven one-bedroom units. Prior to acquisition, several units had been renovated as part of a modest value-add improvement program. Champion intends to update most interiors and exteriors.
“The Bard Apartments is a great value-add investment in a core Los Angeles market. The investment allows for immediate cash flow and based on our prior success with RSO properties, we believe that we can create strong value-add returns. Champion intends to continue to acquire multifamily properties in Koreatown as part of our investment strategy,” said Parker Champion, senior vice president of Champion Real Estate Co., in prepared remarks.
Champion and its affiliates currently manage similar RSO properties in the Koreatown and Hollywood submarkets.
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