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8/11/22
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Champion Real Estate Company has acquired a former fraternity house adjacent to San Diego State University for $12.7 mil. The property, located at 5505-25 Lindo Paseo, will be rebranded as Victory at SDSU.
Property is the beige building in the lower right part of the photo. |
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This purchase is the company's first student-housing property in San Diego. However, Champion is no stranger to the market having developed a half dozen properties in San Diego spanning two decades, including the Gaslamp City Square project adjacent to Petco Park.
Champion SDSU LLC, a subsidiary of Champion, will immediately prepare construction drawings to secure a building permit to construct a 226-bed off-campus student housing project servicing San Diego State University students. Victory at SDSU will feature a study center, recreation center, pool and roof decks. It will be leased by the bed and all beds will be fully furnished including televisions Sonos soundbars and other amenities.
"The San Diego student population has continued to grow as life science and technology firms expand into the area and with STEM labor in more demand," said Garrett Champion, Executive Vice President with Champion Real Estate Company. "Our goal is to develop a property that provides a “Class A” living experience to students seeking the San Diego lifestyle."
Stewart Hayes of JLL represented Champion and the seller in the transaction.
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