WESTERVILLE, OH - The Champion Companies acquired Albany Landings Apartments, a 272-unit community located in the Westerville/New Albany submarket. This acquisition marks Champion’s 15th community in its portfolio.
Keeping in line with the company’s premium value-add renovation strategy, Champion plans a full rebrand of Albany Landings, including exciting additional amenities, a re-branded clubhouse and smart home technology in every unit.
“At Champion, our number one priority is creating value for our residents and our investors,” Brian Yeager, Champion’s president and CEO, said. “We know we can do that at Albany Landings with immediate capital improvements and our best-in-class operations. Moreover, our total cost basis is roughly fifteen percent below what a similar product is selling for in the same submarket because we were willing to un-fracture the community.”
Champion’s team negotiated with more than 20 individual ownership entities and multiple third-party managers operating at the site to purchase the community.
“Our willingness to consolidate the site’s ownership under one entity instantly creates value for our investors,” Dan Hunter, Champion’s chief investment officer, said. “In addition, Champion’s expert property management team will have a direct impact on the community by revamping and improving the site’s operations.”
Albany Landings consists of 17 two-story buildings, comprised of a mix of one-bedroom and two-bedroom floor plans. Outside of the value that Champion’s operations will bring to the site, the wider community surrounding Albany Landings is growing rapidly. Just two miles away, Hamilton Quarter, the largest mixed-use development to hit Northeast Columbus in decades, is currently under construction and will provide a magnet to the area for years to come.
Albany Landings will be the final acquisition of 2018 for Champion. With this addition, Champion now owns and manages nearly 5,000 apartments across 15 communities in Central Ohio.
Source: The Champion Companies / #Apartments #Multifamily