SEPTEMBER 21, 2016 (Los Angeles, CA) – Champion Real Estate Company (“Champion”) announced the recent sale of an entitled mixed-use residential and retail property in Hollywood for $23.3m. The property was sold by Hollywood Cherokee Apartments Venture, LLC., an affiliate of Champion, and is located at 1717 N Las Palmas.
Champion acquired the property in April 2012. The property was a former 49,590 square foot public parking lot just north of Hollywood Boulevard and extending from North Las Palmas to Cherokee Avenue. Upon acquisition, Champion obtained entitlements for the development of 224 Class “A” residential units over retail.
“The project was the result of a collaboration between the development team members and members of the community during the Hollywood Community Plan Update litigation,” commented Greg Beck, Senior Vice President. “We faced little neighborhood opposition and generated broad community and political support to obtain approval for this one-of-a-kind project.”
The property also consists of a lobby, leasing office, exercise room, and clubhouse amenities that are located on the ground floor, as well as 333 square feet of retail space.
“We were able to design a project unlike any other multifamily amenity in Los Angeles, that includes a rooftop pool deck, and apartment plans for renters unique to Hollywood,” stated Greg. “This strategy was implemented to fully-utilize and benefit from the property’s current zoning and entitlements which allows mixed-use development and multifamily occupancies.”
The decision to sell the property was part of Champion’s recent business plan to focus on unimproved cash flow investments, hold, and re-entitle projects for development and resale. The company has been actively seeking and negotiating off-market opportunities throughout the United States.
The property was acquired by Airport Holdings, LP.