Champion Real Estate Co. has acquired Valleywood Apartments, a 42-unit multifamily property in Northridge, for $14.9 million.

The Brentwood company, which purchased the property from an undisclosed private owner, also announced plans for Valleywood Apartments LLC, a subsidiary of Champion, to invest $2.3 million into capital improvements. The complex was formerly called Willows Apartments.

The property is located at 17806 Lassen St. and features six one-bedroom/one-bathroom units and 36 two-bedroom/two-bathroom units.

Renovations, which will begin immediately, include new countertops, flooring, cabinets, stainless steel appliances and washer and dryers.

The company will also make improvements the courtyard pool deck area as central amenity space.

In addition to these cosmetic improvements, Champion will undertake large-scale infrastructure repairs to the plumbing and electrical systems, plus roof replacement. The company added that it intends to hold onto and manage the property.

“Champion was attracted to this community because of its proximity to California State University – Northridge, which has the largest undergraduate population of the 23-campus Cal State University System,” said Champion Real Estate Company Senior Vice President Garrett Champion. “CSUN has transformed from a commuter school to a traditional university with students seeking a correlative lifestyle reflecting that change, which includes campus-adjacent housing.”

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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.”

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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.

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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.

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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.

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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