|
|
2/06/23
|
Victory on Portland, a 55 unit/139-bed student housing property in Los Angeles, has been refinanced for $16.1 mil by its owner, Champion Real Estate Company. The property is located at 2353 Portland St, east of Hoover St and north of Adams Blvd.
The long-term, fixed rate financing was funded through Wintrust Bank. The refinance comes after an active 2022 when Champion acquired over 1,500 beds nationally at four different universities.
Champion purchased the property, which, at acquisition, consisted of 47 units/102 beds in March of 2020 for $14.1 mil. Since then, Champion completed a $2 mil renovation of the existing improvements which included upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and a general rebranding of the property.
Thanks to a state law which permitted increased density at the property, Champion was able to construct an additional 8 units/37 beds at the property, greatly increasing the value of the asset.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
