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3/16/20
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Champion Real Estate Company has acquired a 47-unit, potential 102-bed, student housing community in Los Angeles for $14.1 mil ($300k/unit). The property, located at 2353 Portland St, near the University of Southern California campus, was sold by Century Park LLC.
The property will be rebranded as Victory on Portland and is the company's third student-housing property near the school. Champion Portland LLC, a subsidiary of Champion, will begin immediately on a complete overhaul of the apartment complex, originally built in 1964.
The renovation will consist of new stainless steel appliances, HVAC units, stone countertops, modern cabinetry and laminate wood flooring in each unit. The company will also fully furnish the units to include beds, couches, chairs, coffee tables, dining tables, flat screen televisions, cable, Internet, WiFi, Sonos soundbars and other amenities. The pool, amenity deck, student lounge and leasing office will also be upgraded to provide a first-class look and feel.
"We at Champion see great value in acquiring, renovating and adding this property to our existing portfolio near a top tier University in a severely supply constrained market," said Garrett Champion, Executive Vice President with Champion Real Estate Company. "We will continue to look to acquire communities that fit our business plan."
John Taksa of RE/MAX Commercial & Investment Realty represented both parties in the deal.
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