COLUMBUS, OH - Champion Real Estate Services acquired Albany Club Apartments, a 1,064-unit community located in the Easton submarket, on February 18, 2015. The transaction total, including planned capital renovations, neared $70 million.
The acquisition was the largest and most complex transaction Champion has completed to date. The community is the largest Class B market-rate apartment complex in Central Ohio.
“Creating value for our investors and residents is the vision at Champion,” Brian Yeager, Champion’s president and CEO, said. “We see so much upside and long-term value in owning and operating an apartment complex in the greater Easton submarket. Our total cost basis is roughly $25,000 per unit below what similar product is selling for in the same submarket.”
Champion brought in multiple institutional capital partners on this deal, in addition to several accredited investors. “We have great equity partners and continue to do more with our repeat investor base,” Yeager said.
“This will most likely be the largest, single real estate transaction in Central Ohio during 2015,” Dan Hunter, Champion’s chief investment officer, said. “Champion is quickly becoming an industry leader and this acquisition is a prime example of what our firm is capable of accomplishing.”
Albany Club Apartments consists of 68 two-story buildings, comprised of a mix of one-bedroom and two-bedroom floor plans. The community has two clubhouses, two swimming pools and features an on-site fitness center and is located along Stelzer Rd., just a short drive south of the new Easton Gateway shopping district.
"We believe that with an extensive capital renovation plan we will unlock a lot of value for our investors and create a more desirable community for our residents to live. It’s a win-win for everyone involved,” Yeager said.
Champion will be completing $10 million in capital renovations and will rebrand the community as The Gardens at Easton.
“The Gardens at Easton allows us to expand into the Easton submarket,” Hunter said. “The entire Easton area is expanding, specifically with the development of the Easton Gateway. The community has great proximity to major roadways and hundreds of businesses, which will give us access to thousands of potential renters.”
The Gardens at Easton is the first acquisition of 2015 for Champion. With this addition, Champion now owns and manages more than 4,600 apartments across 13 communities in Central Ohio.
“We are one of the largest owner-operators in the city and plan for more acquisitions in 2015,” Yeager said. “Champion will continue to seek value-add opportunities for our investors and communities that reflect our ongoing strategy of providing an upgraded, affordable housing solution to our valued residents in Central Ohio.”