The firm paid $14M for 2 properties; with improvements planned
Student housing is generally more resilient than multifamily in a downturn, and the current tight supply of student housing in Los Angeles is putting upward pressure on rents.
By Kelsi Maree Borland | September 13, 2018 at 04:00 AM
Student housing is having a moment. A tight supply of student housing is putting upward pressure on rents—even more so than the tremendous rent growth in multifamily. But, the strong rent growth isn’t the only reason to buy student housing. The apartment niche is also more resilient in a downturn than multifamily, and as we get later in the cycle, downside protection is attractive to investors. Champion Real Estate Co. is actively investing in student housing assets near USC, and is very bullish on the sector.
An affiliate of Champion Real Estate Company has sold the redeveloped Grand & Alosta in Glendora to Clarion Partners.
HFF, which represented the seller declined to provide a price, but a source with knowledge of the deal said it sold for $34.2 million.
Clarion Partners acquired the 70,811-square-foot grocery-anchored retail center at the intersection of Grand and Alosta Avenue along Historic Route 66. The property is co-anchored by Sprouts and Marshalls and is 100 percent leased, according to a release from Champion Real Estate.
Developer Secures Loan For New Multifamily Project Near USC
JANUARY 31, 2018 (Los Angeles, CA) – Champion Real Estate Company (“Champion”) recently completed the acquisition of two multifamily buildings for $33.6 million in the city of Glendale, California, which buildings are owned by a subsidiary of Champion, Champion Glendale Property, LLC. This purchase is an off-market acquisition that was negotiated simultaneously for the two buildings, totaling 104 market rate apartment units.
The two properties are located less than two miles apart. Princess Louise (“Louise”) was built in 1970 with 42 units, and Windsor Real (“Windsor”) was built in 1972 with 62 units. The properties include a large percentage of multi-bedroom units with an average size of 951 square feet.
Glendale and the cities of Burbank and Pasadena comprise the Tri-Cities of the eastern San Fernando Valley/Western San Gabriel Valley. The Tri-Cities are highly sought-after locations with strong schools, clean and accessible community parks, renowned shopping and restaurants, as well as relative affordability in the Los Angeles metro area.
“The Glendale apartment market is largely bifurcated with the vast majority of units either being new construction or dated and untouched 1960’s and 1970’s product. With a comprehensive improvement plan, Louise and Windsor will provide an upgraded, clean and professionally managed living experience at a steep discount to the new construction,” states Parker Champion, Executive Vice President.
“Providing larger-sized homes in an updated apartment community while maintaining affordability in such convenient and desirable locations will offer the Glendale community with more options to enjoy the desired lifestyle,” comments Parker.
Champion has over 30 years of experience in the multifamily market and previously completed similar value-add investment acquisitions including Villa Olive in Burbank, Casa Laguna in Los Angeles, Union Bay Apartments in Seattle, and Ancelle in Koreatown.
Louise is located at 720 N Louise St and Windsor at 1377 E Windsor Rd.
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About Champion Real Estate Company
Champion Real Estate Company (“Champion”) was founded in 1987 by veteran investor, developer and CEO, Bob Champion. Based in West Los Angeles, Champion’s strategy is to acquire infill properties in “A” locations within markets that are core, core adjacent or gentrifying to core and implement value accretive improvements.
For more information, visit www.ChampionRealEstateCompany.com.
The developers of a 20-story apartment tower planned for near Capitol Records in Hollywood announced today that they would voluntarily make all of their units rent-controlled.
Subjecting the approximately 210 new apartments to the city’s rent control stabilization ordinance will cap rent increases at 3 percent per year. The ordinance applies to housing built prior to 1978—not new projects—so the decision is almost totally unheard of.
“We want to be a part of the solution in ensuring future affordability for existing tenants in the Los Angeles housing market,” Bob Champion, CEO of Champion Real Estate, said in a statement.
Millennium Biltmore Hotel, Los Angeles, CA | July 20th, 2017, 9.00am – 9.40am
LA Multifamily Executive Roundtable
• Bob Champion, CEO, Champion Real Estate Company
• David Nagel, CEO, Decron Properties
• Ken Kahan, CEO, California LandMark
• Kevin Farrell, COO, Century West Partners
Moderator: Curtis Palmer, ARA Newmark
For more information, click here.
GLENDORA – Champion Glendora, a grocery-anchored neighborhood retail center located at 655 S Grand Ave in the City of Glendora held its grand opening on Wednesday, May 24th, 2017. The opening was celebrated with the City of Glendora, Glendora Chamber of Commerce, and the center’s tenants, inaugurated by a ribbon cutting ceremony.
MAY 25, 2017 (Los Angeles, CA) – Champion Glendora, a grocery-anchored neighborhood retail center located at 655 S Grand Ave in the City of Glendora, California, held its grand opening on Wednesday, May 24th, 2017. The opening was celebrated with the City of Glendora, Glendora Chamber of Commerce, and the center’s tenants, inaugurated by a ribbon cutting ceremony.
Ribbon cutting ceremony at Champion Glendora, May 24th.
City of Glendora Mayor Gary Boyer was in attendance, alongside city council and representatives from the region’s legislative offices, as well as the Glendora Chamber of Commerce Board Chair Fawn Imboden. The ceremony also highlighted the center’s tenants including Marshalls, Sprouts, Coffee Bean & Tea Leaf, Orangetheory Fitness, Creamistry, and Oke Poke.
“We are excited to be able to bring stores like Sprouts and Marshalls to the community,” comments Chris Wilson, Executive Vice President and Retail Partner of Champion. “This new shopping center will serve the residents’ growing needs while providing quality services close to home.”
Champion Glendora was acquired by an affiliate of Champion Real Estate Company in 2016 and reconfigured and repositioned into a 70,500 square feet grocery-anchored neighborhood shopping center. Two new retail pads were also added in the existing parking field that features drive-thru accessibility.
“We are very pleased to see the progress that Champion has made with the center,” said City Manager Chris Jeffers. “In addition to the aesthetic improvements completed, Champion worked with City staff to attract tenants that would be a welcomed addition to the residents of Glendora and surrounding communities. ”
Sprouts and Marshalls are now open, Coffee Bean & Tea Leaf is expected to open next month in June, and the other tenants will soon after follow.
The center is conveniently located just north of the I-210 Freeway at the intersection of West Route 66 and South Grand Avenue, and just minutes away from Azusa Pacific University’s East Campus.
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About Champion Real Estate Company
Champion Real Estate Company (“Champion”) was founded in 1987 by veteran investor, developer and CEO, Bob Champion. Based in West Los Angeles, Champion’s investment strategy is to acquire infill properties in “A” locations within markets that are core, core adjacent or gentrifying to core and implement value accretive improvements.
For more information, visit www.ChampionRealEstateCompany.com.
Champion Real Estate Company Wins the 2017 Hollywood PAL Celebrity Bowling Tournament!
Champion is proud to support The Hollywood PAL to compete among one of 12 teams in this lively bowling competition. Each team features its own celebrity coach while feasting on tasty delights from Hollywood’s top restaurants.
When: Sunday, May 7th
Where: Lucky Strike Live, Hollywood (6801 Hollywood Blvd, 1st Floor, Hollywood, CA)
Doors open 11.30am, bowling from 12pm – 4 pm
Recent News
Champion Real Estate adds to its Glendale apartment portfolio
Buy Student Housing for Downside Protection
Champion Real Estate Co. Sells Grand & Alosta Center in LA County for $34M
Champion Real Estate Co. Eyes Greater Downtown Housing Development
CHAMPION COMPLETES $33.6M DEAL FOR TWO VALUE-ADD ACQUISITIONS IN GLENDALE