Los Angeles, CA
In April 2013 Champion invested with a private equity fund to purchase 50,000 square feet of land just north of Hollywood Blvd. between the Highland and Vine Metro stops. The property was operated as a parking lot during the approvals period of the investment. Champion obtained approvals for a 225 unit apartment project, including 25 affordable units. While the original business plan contemplated construction of the project, the approved project was sold to a local builder in 2016 at sufficient returns to justify foregoing the construction returns and risk.