Source: The Champion Companies
WESTERVILLE, OH - The Champion Companies has completed the purchase of Cameron Ridge Apartments, a 208-unit community in the Gahanna submarket. The transaction total, including planned capital improvements for the 20-year-old community, neared $35 million.
The acquisition took 12 months to complete as the community had 13 different ownership groups. Champion negotiated with all the owners to purchase their units and bring the whole community under one cohesive ownership and management.
“Unfracturing multiple-owner communities is a strategy that’s unique to Champion in the market,” said Brian Hoar, Champion’s Chief Investment Officer. “We’re willing to invest the time into these deals because we can see the value that is created for the residents and the greater community.”
Renovations and capital improvements at Cameron Ridge will include improved amenities and common spaces for residents, landscaping, roofing, and other exterior updates, as well as all new quartz countertops, stainless steel appliances, new cabinets, flooring, and fixtures for the unit interiors. Construction is expected to be completed by the end of 2022 and existing residents will have the option to transfer to upgraded units as they become available.
“Cameron Ridge is the perfect example of what we do best at Champion: Identify communities where we can add value through our award-winning management team, through renovating, and through adding amenities to the property to enhance the quality of life for residents,” said Champion President and CEO Brian Yeager.