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4/14/23
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Champion Real Estate Company has refinanced University Village Fullerton, a 121 unit/427-bed student housing property in Fullerton, with a new loan for $40.5 mil. The property is located at 2000 Oxford Ave, just north of Yorba Linda Blvd and west of the 57 Fwy.
Champion purchased the property, which, at acquisition, consisted of 100 units/290-beds, in April of 2021 for $44.4 mil. The seller had initiated interior cosmetic renovations to 50% of the units but halted renovations with the onset of the pandemic.
Champion’s business plan was to complete a $3.5 mil renovation of the existing improvements, which included modernizing the remaining 50% original units, upgrading the mechanical systems, enhancing curb appeal, increasing the amenity package and a general rebranding of the property. An additional $7 mil was spent constructing 21 new units, significantly increasing the density at the property.
The new long-term, fixed rate financing was funded through RGA Reinsurance Company. This is the company’s third successful refinance in 2023 after an active 2022 when Champion acquired over 1,500 beds nationally at four different universities.
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