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9/25/18
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Champion Real Estate Company has purchased a two-property apartment portfolio totaling 62 units in Glendale for $14.2 mil, or $229k/unit. The acquisition included a 36-unit community located at 348 W. Chevy Chase Drive and a 26-unit community located at 1119-1123 E. Elk Ave.
Champion South Glendale LLC, a subsidiary of Champion, will begin immediately on a $2.6 mil comprehensive interior and exterior physical improvement and renovation program. It will also address significant deferred maintenance issues stemming from the previous long-term owner including seismic retrofitting on both properties, though not required by the city.
Built in 1963, 348 W. Chevy Chase Drive features four studio units, 20 one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units. 1119-1123 E. Elk Ave was built in 1961 and features 24 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.
"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," said Parker Champion, Executive Vice President with Champion Real Estate Company. "We will continue our concerted effort to own multifamily housing in Glendale and the Tri-Cities region."
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