Champion Real Estate Co. CEO Bob Champion said the state is seeing a housing shortfall of 3.5 million to 4 million units, a number that could grow to 6 million units by 2030. Champion estimates Los Angeles needs to manufacture 2 million units of housing in the next 10 years to keep up with demand. He said currently the city is only producing 22,000 units of the 180,000 units needed annually to meet the minimum demand…. “It’s not an affordability problem,” Champion said. “It’s a supply problem. The lack of supply is pushing up the cost of housing in areas that are most desirous to live.”
CBRE announced that Supertoro and HiroNori Craft Ramen have signed leases at Brick Works, a retail collective in the Echo Park neighborhood of Los Angeles. Zachary Card, Erik Krasney and Jamie Rogers of CBRE represented the landlord, Champion Real Estate Company, in the lease agreement. Located in the heart of Echo Park at 1485-1501 W. Sunset Boulevard, Brick Works is a new adaptive reuse development, comprised of several transformed mid-century buildings with more than 15,000 square feet of retail and restaurant space.
In January 2019, Champion SLU, LLC successfully completed the refinance of the Acquisition Bridge Loan with the Senior Refinance Loan. We are excited to own Union Bay Apartments over the long term. The property is a low leverage, Class A property in the core South Lake Union submarket with strong and growing annual cash distributions with forecasted continued asset appreciation.
In 2019, the USC Sol Price School of Public Policy celebrates its 90th anniversary. This momentous occasion represents a major milestone in the history of the School. At an awards dinner earlier this week, Bob Champion was recognized as a Price Pioneer in Real Estate development. A video showing those recognized can be found here.
By Greg Cornfield | September 24, 2018 03:00PM
Champion Real Estate Company is doubling up on its investment in Glendale multifamily projects 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.
Student housing is generally more resilient than multifamily in a downturn, and the current tight supply of student housing in Los Angeles is putting upward pressure on rents.
By Kelsi Maree Borland | September 13, 2018 at 04:00 AM
Student housing is having a moment. A tight supply of student housing is putting upward pressure on rents—even more so than the tremendous rent growth in multifamily. But, the strong rent growth isn’t the only reason to buy student housing. The apartment niche is also more resilient in a downturn than multifamily, and as we get later in the cycle, downside protection is attractive to investors. Champion Real Estate Co. is actively investing in student housing assets near USC, and is very bullish on the sector.
An affiliate of Champion Real Estate Company has sold the redeveloped Grand & Alosta in Glendora to Clarion Partners.
HFF, which represented the seller declined to provide a price, but a source with knowledge of the deal said it sold for $34.2 million.
Clarion Partners acquired the 70,811-square-foot grocery-anchored retail center at the intersection of Grand and Alosta Avenue along Historic Route 66. The property is co-anchored by Sprouts and Marshalls and is 100 percent leased, according to a release from Champion Real Estate.
The 75-year-old John Tracy Clinic, sold the property at 806 West Adams Blvd. to Champion Real Estate. The clinic, which provides services to parents and families of children with hearing loss, was founded by actor Spencer Tracy’s wife, Louise, in honor of their son, John.
The purchase price for the land was $26 million, or $422.88 per square foot, according to CoStar data.
JANUARY 31, 2018 (Los Angeles, CA) – Champion Real Estate Company (“Champion”) recently completed the acquisition of two multifamily buildings for $33.6 million in the city of Glendale, California, which buildings are owned by a subsidiary of Champion, Champion Glendale Property, LLC. This purchase is an off-market acquisition that was negotiated simultaneously for the two buildings, totaling 104 market rate apartment units.
The two properties are located less than two miles apart. Princess Louise (“Louise”) was built in 1970 with 42 units, and Windsor Real (“Windsor”) was built in 1972 with 62 units. The properties include a large percentage of multi-bedroom units with an average size of 951 square feet.
Glendale and the cities of Burbank and Pasadena comprise the Tri-Cities of the eastern San Fernando Valley/Western San Gabriel Valley. The Tri-Cities are highly sought-after locations with strong schools, clean and accessible community parks, renowned shopping and restaurants, as well as relative affordability in the Los Angeles metro area.
“The Glendale apartment market is largely bifurcated with the vast majority of units either being new construction or dated and untouched 1960’s and 1970’s product. With a comprehensive improvement plan, Louise and Windsor will provide an upgraded, clean and professionally managed living experience at a steep discount to the new construction,” states Parker Champion, Executive Vice President.
“Providing larger-sized homes in an updated apartment community while maintaining affordability in such convenient and desirable locations will offer the Glendale community with more options to enjoy the desired lifestyle,” comments Parker.
Champion has over 30 years of experience in the multifamily market and previously completed similar value-add investment acquisitions including Villa Olive in Burbank, Casa Laguna in Los Angeles, Union Bay Apartments in Seattle, and Ancelle in Koreatown.
Louise is located at 720 N Louise St and Windsor at 1377 E Windsor Rd.
About Champion Real Estate Company
Champion Real Estate Company (“Champion”) was founded in 1987 by veteran investor, developer and CEO, Bob Champion. Based in West Los Angeles, Champion’s strategy is to acquire infill properties in “A” locations within markets that are core, core adjacent or gentrifying to core and implement value accretive improvements.
For more information, visit www.ChampionRealEstateCompany.com.
Subjecting the approximately 210 new apartments to the city’s rent control stabilization ordinance will cap rent increases at 3 percent per year. The ordinance applies to housing built prior to 1978—not new projects—so the decision is almost totally unheard of.
“We want to be a part of the solution in ensuring future affordability for existing tenants in the Los Angeles housing market,” Bob Champion, CEO of Champion Real Estate, said in a statement.