In November 2012, Champion acquired 600 East Olive as a heavy value add (or repositioning) investment. Built in 1973, the 63-unit property was developed by the property’s architect who also owned and operated the property until his death. As a result of a dispute among the heirs, the Property had been poorly managed for at least two years prior to Champion’s acquisition.
Champion’s value add business plan included remodeling the exterior of the building, renovating units and common areas, and employing more sophisticated management and marketing systems to achieve a Class “A” property and operate it in a Class “A” manner.
Additionally, the original owner-architect had designed and built a single penthouse unit of approximately 8,000 square feet as his personal residence on the top floor of the project. As part of Champion’s value add improvements, the single penthouse unit was divided into three smaller penthouse units that each average over 2,500 square feet and receive premium rents.