Champion Real Estate Secures 2 CA Communities
- Sep 25, 2018
Champion Real Estate Co. is expanding its holdings in the Tri-Cities region of Southern California with the acquisition of a two-property apartment portfolio in Glendale from a private owner for $14.2 million. With its latest transaction, Champion owns and operates more than 225 units in Glendale, Pasadena and Burbank, which make up the Tri-Cities region.
“Champion was attracted to this portfolio because of its upside in one of Los Angeles’ premier live-work-play markets with great retail, entertainment, open space, schools and access to job centers,” Parker Champion, executive vice president, said in a prepared statement. “We will continue our concerted effort to own multifamily housing in Glendale and the Tri-Cities region.”
The assets purchased were a 36-unit property at 348 W. Chevy Chase Drive and a 26-unit property at 1119-1123 E. Elk Ave.
Champion South Glendale LLC, a subsidiary of Champion, will immediately begin a $2.6 million comprehensive interior and physical improvement and renovation program. The firm will also address some significant deferred maintenance issues, including seismic retrofitting on both properties.
Built in 1963, 348 W. Chevy Chase Drive features four studios, 20 one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units. The second property, 1119-1123 E. Elk Ave., was built in 1961 and features 24 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.
Founded by Bob Champion in 1987, the Los Angeles-based firm is a family-operated company that invests in core-plus, value-add and opportunistic multifamily, retail, office, student housing and mixed-use properties. Champion’s current portfolio includes properties in Southern California, Seattle and Nashville, Tenn.
This is not Champion’s first Glendale deal this year. In February, Champion acquired two multifamily properties with a total of 104 units in an off-market acquisition for $33.6 million. Champion also planned to upgrade these value-add properties, the 42-unit Princess Louise at 720 N. Louise St. and Windsor Real, located at 1377 E. Windsor Road.
In January, a Champion entity purchased a development site in Hollywood, Calif., for $17 million with plans to construct a mixed-use asset with a 20-story apartment building, 136-key hotel, and commercial space. Construction on the site is expected to start in 2019 and be completed in 2022.