Champion Real Estate Company is doubling up on its investment in Glendale multifamily projects this year.
The company said it paid $14.12 million for two apartment properties in Glendale. This comes after the firm bought two other apartment complexes in Glendale for $33.6 million earlier this year.
The most recent acquisition includes a 36-unit apartment community at 348 W. Chevy Chase Drive, and a 26-unit community at 1119-1123 E. Elk Ave. Champion will begin a $2.6-million renovation for both the interior and exterior. The plan includes retrofitting both properties and addressing deferred maintenance issues, Champion explained in a release.
The property on Chevy Chase Drive was built in 1963. It features four studios, 20 one-bedroom units and 12 two-bedroom units. The Elk Avenue property was built in 1961 and features 24 one-bedroom units and two two-bedroom units.
Parker Champion, executive vice president for Champion Real Estate, explained in a press release that the firm was attracted to the properties because they are in one of the city’s “premier live-work-play markets.”
“We will continue our concerted effort to own multifamily housing in Glendale and the Tri-Cities region,” he added.
With the two properties, Champion owns more than 225 units throughout Glendale, Pasadena and Burbank. The company also recently flipped a retail center in Glendora for $34.2 million, two years after acquiring it for $13.5 million. And earlier this year, Champion increased the number of units it planned to build at its Hollywood project.