Source: Champion Real Estate Company / #Apartments #Multifamily
LOS ANGELES, CA - Los Angeles-based Champion Real Estate Company announces the purchase of their latest acquisition, Ancelle Apartments in Koreatown. Champion Real Estate specializes in prime real estate investments with enhanced returns. Their strategic investment strategies range across the risk spectrum from High Yield Core to Land Entitlement and Development.
Ancelle Apartments is an 87 unit historical building located along the highly desired Wilshire Corridor. The submarket, Koreatown, is the most densely populated district in LA County and has the largest concentration of nightclubs, 24-hour businesses and restaurants in Southern California. The location is a walker's paradise with a seven minute walk to the Wilshire/Western Metro Station and a "Walk Score" of 91/100.
Ancelle is comprised almost entirely of studios offering efficient layouts allowing for low absolute rents. The historic nature and charm of this building provides for the ability to achieve high renter demand and market rent premiums compared to other properties in the area. Champion had to be creative in structuring the deal as the Seller was completing the conversion of formerly abandoned retail into five newly constructed units. Also, in a separate transaction with a different Seller, Champion purchased the adjacent property and plans to demolish the existing structure to allow for additional parking, increase income and add overall value to the property. Champion has budgeted significant capital dollars for property and unit renovations and projects a 30% increase in income upon stabilization.
Champion was founded in 1987 by veteran developer and CEO Bob Champion. Since 1995 Champion has completed projects valued in excess of $1 billion and over two million square feet. They invest on their own account and in partnership with select individual and institutional investors.
Champion owns product ranging from entry-level studios to high-end townhomes throughout Southern California. They are actively seeking additional value add properties in great locations to continue to grow their portfolio.