Source: Champion Companies
COLUMBUS, OH - The Champion Companies, one of Ohio’s leading multifamily investment, development and management firms, announced the acquisition of the Northpark Place apartment community. At 472 units, Northpark is one of the larger apartment complexes in Central Ohio and located in the ever popular Polaris submarket.
To consummate the transaction Champion negotiated with 14 separate owners at the site and engineered a simultaneous closing of over $80 million in real estate. The process of aggregating ownership – known as “unfracturing” – has been a hallmark strategy of Champion’s for years. Besides allowing for greater flexibility and control of a site, unfracturing helps Champion maintain its edge in an increasingly competitive market.
“Communities with multiple owners can lead to deferred maintenance, irregular leasing policies and a general degradation of the property. These are the inconsistencies our team will address to create a superior living experience for the residents,” said Brian Hoar, Champion’s Chief Investment Officer. “Our commitment to Northpark reflects the value we see in providing first-class apartment communities across Central Ohio.”
While the final project scope is still in development, Champion plans to undertake a substantial renovation at the site, including common areas, building exteriors and in-unit features. The company has previously executed similar projects in Polaris, an area the Westerville-based firm considers its “backyard” and a core market for long-term growth.
Champion’s belief in Polaris specifically and Columbus in general explains why the company is willing to pursue even the most challenging transactions.
“Deals like this with multiple owners are typically avoided in the industry due to the complexity of negotiating with several parties,” said Brian Yeager, CEO and co-founder of The Champion Companies. “But we’ve never been afraid of hard work at Champion. We see opportunities where others don’t and we move on them with passion, speed and determination.”