Champion to Buy Student Housing With Multifamily Proceeds
The L.A.-based firm sold two multifamily properties in Southern California for $103.1 million By Greg Cornfield | commercialobserver.com | July 29, 2022 2:40 pm Champion Real Estate is betting more on college life. The Los Angeles-based investment and development firm sold two multifamily properties in Southern California for a combined $103.1 million, and plans to use the proceeds to invest more in student housing. The larger sale closed in Ventura County. Champion sold The Vines at RiverPark community in Oxnard, Calif., for $93 million. The firm acquired the property at 3040 North Oxnard Boulevard in 2015 for $55.5 million. The development includes 164 rental townhomes in the master-planned community of RiverPark in Ventura County. Champion also sold an 18-unit apartment community in the Los Feliz neighborhood of L.A. for $10.1 million. Casa Laguna at 520 Franklin Avenue was built in 1928. It is a designated Historic-Cultural Monument with studio, one-bedroom and two-bedroom units averaging 942 square feet. Champion acquired the property in 2013 for $5.85 million. The names of the buyers were not immediately disclosed. “The Vines at RiverPark and Casa Laguna are two of the first operational multifamily acquisitions by Champion which had previously been known primarily as a retail developer,” COO Parker Champion said in a statement. “At the time, we had identified challenges to the retail industry and made the decision to exchange out of our legacy retail holdings into multifamily where there was better inflation protection.” Champion said the firm has decided to capitalize on appreciation in student housing asset properties by using the money from the two multifamily sales to target student housing. “Even during the height of the pandemic, Champion’s student housing portfolio remained above 85 percent occupancy, including universities where in-person learning was canceled,” Parker Champion said. “Champion is focused on Tier 1 universities and has acquired over 2,000 beds in the past two years with over 1,500 beds in development.” Earlier this year, Champion acquired a 715-bed student housing community near Syracuse University for $65 million, and also sold a 24-unit complex near the University of Southern California for $20.5 million. Last year, the firm acquired a 100-unit, 346-bed student housing community near California State University, Fullerton for $44.4 million. Full Article
Champion Acquires Village at Wake Forest Student Housing Portfolio in Winston-Salem for $43M
The acquisition marks Champion’s first student housing community in the state and will available to Wake Forest University students. By Jeffrey Steele | multihousingnews.com | October 19, 2022 Family office Champion Real Estate Co. has acquired Villages at Wake Forest, a student housing portfolio near Wake Forest University in Winston-Salem, N.C. The 62-parcel, 75-unit portfolio features single-family homes and duplexes across from the Wake Forest University campus at 961 Palm Drive. The acquisition cost was $43 million. The property will be rebranded as Victory at Wake Forest by Champion Wake Forest LLC, a subsidiary of Champion Real Estate Co. This marks Champion’s first student housing community acquired by in North Carolina. This year alone, the company has acquired more than 1,500 beds across the country at four different universities. The property will continue to be operated as best-in-class student housing option for Wake Forest students. All units are fully furnished and leased by the bed. Twin hurdles Champion faced two major challenges prior to closing date. “From the date that we waived our contingencies, the 10-year Treasury went from essentially 3 percent to 4 percent,” Parker Champion told Multi-Housing News. The firm was able to raise additional equity to lower its LTV below 55 percent. Hurricane Ian represented the second major obstacle. “Ian caused a disruption in the insurance markets where many carriers were refusing to provide quotes,” Champion said. “We had to lean on a preexisting relationship with one of our carriers, allowing us to bundle the coverage with other properties to get the deal closed.” Earlier this year, Champion acquired an Upstate New York student housing community for $65 million. Full Article Read More: journalnow.com rebusinessonline.com
Champion Real Estate Refinances 55-Unit Student Housing Property in Los Angeles for $16.1MM
Los Angeles, CA — Despite a challenging capital markets climate, Champion Real Estate Company (“Champion”), announced today that it has refinanced Victory on Portland, a 55 unit/139-bed student housing property located at 2353 Portland Street in Los Angeles California for $16.1 million. The company secured the long-term, fixed rate financing through Wintrust Bank. The refinance comes after an active 2022 when Champion acquired over 1,500 beds nationally at four different universities. Champion purchased the property, which, at acquisition, consisted of 47 units/102-beds in March of 2020 for $14.1 million. Champion’s original business plan was to complete a $2 million renovation of the existing improvements which included upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and a general rebranding of the property. That plan was delayed due to the pandemic as nearby universities transitioned to remote learning and the local government instituted strict tenant protections. Champion was able to successfully navigate these obstacles and complete the planned renovations. Further, Champion identified a state law which permitted increased density at the property and successfully received approvals and constructed an additional 8 units/37 beds at the property, greatly increasing the value of the asset. “Victory on Portland is a terrific example of the value potential in renovating dated properties that are walking distance to Tier 1 universities.” said Parker Champion, Chief Operating Officer with Champion Real Estate Company. “Despite a challenging capital markets environment, we were able to close very accretive financing due to the value we have added since acquisition.” About Champion Real Estate Company Founded in 1987, Champion Real Estate Company is a family office which invests its own money alongside high-net-worth individuals and registered investment advisors across the risk spectrum of real estate in key primary markets across the United States. Over the past 20 years, Champion has achieved over a 20 percent annual compounded return on investor equity by acquiring core plus, value add and opportunistic multifamily, retail, office, student housing and mixed-use properties. Read More: Full Article Read More: http://www.rentv.com More Info: USC Student Housing
Champion Acquires Village at Wake Forest Student Housing Portfolio in Winston-Salem for $43M
