New Apartments near USC

By HELEN ZHAO

Monday, March 27, 2017

Champion Real Estate Company has acquired a collection of aging retail buildings on Sunset Boulevard in Echo Park for $9.5 million. The company plans to repurpose them into a mixed-use development of retail, restaurants, and residential lofts called BrickWorks.

The existing property includes nearly 19,800 square feet of retail space on 36,000 square feet of land. The buildings included in the deal comprise what are currently an Asian supermarket, a former Chinese barbeque restaurant space, a nearby two-story building, and a parking lot. The land was listed for sale in 2015.

BrickWorks will span 1485 to 1501 W. Sunset Blvd. It will include 15,000 square feet of retail space and a food court-style collection of eateries and restaurants. The number of residential units is currently being planned.

“The acquisition of BrickWorks is consistent with Champion’s strategy of acquiring properties at discounts in ‘A’ locations and we continue to focus on sourcing similar deals in surrounding neighborhoods,” Garrett Champion, senior vice president of Champion said.

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MARCH 27, 2017 (Los Angeles, CA) – Champion Real Estate Company (“Champion”) announced its latest value-add retail acquisition for $9.5m, with plans to revitalize and rebrand the existing collection of dilapidated retail buildings into a retail and residential mixed-use development named “BrickWorks”.

The existing property includes 19,772 square feet of dated retail buildings on 36,049 square feet of land in the burgeoning neighborhood of Echo Park. Champion intends to repurpose and remodel the existing property to include an eclectic collection of distinctive restaurants and residential lofts.

“The property is sandwiched between upscale Silver Lake and Downtown Los Angeles in Echo Park, which  was dubbed the ‘Greatest Neighborhood in Los Angeles’ by LA Weekly,” states Garrett Champion, Senior Vice President of Champion. “Combined with its location just blocks from Dodger Stadium, BrickWorks will provide trendsetting food and beverage focused retail to an underserved sub market.”

BrickWorks will boast over 200 linear feet of frontage along the heavily trafficked Sunset Boulevard and consist of approximately 15,000 square feet of prime retail space that will create a trendy food court-style collection of the latest eateries and restaurants.

 “The acquisition of BrickWorks is consistent with Champion’s strategy of acquiring properties at discounts in ‘A’ locations and we continue to focus on sourcing similar deals in surrounding neighborhoods,” states Garrett.

Champion has over 30 years of experience developing retail in Los Angeles and helped pioneer the first vertical retail power centers such as Brentwood Place and the One Westside Shopping Center. Last year, Champion acquired Grand + Alosta in Glendora, CA, a former 80,000 square foot freestanding building that is currently being redeveloped into a specialty grocery center with Marshalls and Sprouts anchoring the project.

BrickWorks is located at 1485-1501 W. Sunset Blvd in Echo Park and was acquired by an affiliate of Champion.

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About Champion Real Estate Company

Champion Real Estate Company was founded in 1987 by nationally recognized investor, developer and CEO, Bob Champion.  Based in 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. Champion acquires and develops multiple product types including multifamily, retail, office, mixed-use, adaptive re-use of industrial buildings and historical renovations. Since 1995, Champion has completed projects valued in excess of $1 billion. For more information, visit www.ChampionRealEstateCompany.com.

“It reminds us to step carefully,” Farrell said.

Going forward, he and others said they’d more carefully scrutinize potential deals to ensure the community and the local City Council member is on board, especially for developments that need council approval.

“In part, that’s because council members themselves are likely to look closer after an uproar from some of their constituents,” said Bob Champion, a Los Angeles developer currently asking for a zoning change to build a large mixed-use complex in Hollywood that would require the demolition of rent-controlled apartments.

Champion said he agreed before the Measure S vote to allow existing tenants the option to live at his new project at Yucca Street and Argyle Avenue at their current rents. He also said that while the project is being built, he would pay the difference between tenants’ current rent and the rent at whatever temporary place they find in the area.

FEBRUARY 15, 2017 (Los Angeles, CA) – Champion Real Estate Company (“Champion”) announced the acquisition of Union Bay Apartments, a 73-unit multifamily apartment community with 2,976 square feet of commercial space in South Lake Union. The property was purchased by an affiliate of Champion for $24m and is located in a prime submarket of the core Seattle metro area.

The property was built in 1994 and has been family-owned for 23 years. It consists of generously-sized studio, one, and two bedroom units that cater to the various demographic groups in the area. The building also has one of the largest usable roof decks in South Lake Union with views of the Space Needle and Lake Union.

“The acquisition of Union Bay Apartments is consistent with Champion’s simple mission to own and develop in “A” locations where people want to live,” states Parker Champion, Senior Vice President. “South Lake Union has transformed into a critical economic engine for the Pacific Northwest and more recently the housing, daily needs, and lifestyle retail have followed the jobs.”

South Lake Union is a fast-growing technology and bioscience hub to companies like Amazon, Dropbox, Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research, and Zymogenetics. With an influx of young professionals earning substantial incomes into the South Lake Union area, Union Bay Apartments is in a prime renter’s market.

Champion plans to unlock additional value by installing professional local management and providing residents with an upgraded, luxury lifestyle and living choice.

“South Lake Union is a true Live, Work, Play submarket,” states Parker. “With Union Bay Apartments, Champion has planted its flag in the Seattle market and we are looking to further expand our footprint there immediately.”

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About Champion Real Estate Company

Champion Real Estate Company was founded in 1987 by nationally recognized investor, developer and CEO, Bob Champion.  Based in 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. Champion acquires and develops multiple product types including multifamily, retail, office, mixed-use, adaptive re-use of industrial buildings and historical renovations. Since 1995, Champion has completed projects valued in excess of $1 billion. For more information, visit www.ChampionRealEstateCompany.com.

DECEMBER 6, 2016 (Los Angeles, CA) – Champion Real Estate Company (“Champion”) announced this week the acquisition of a 30-unit multifamily property in the heart of Koreatown. The property, named The Bard Apartments, was purchased by an affiliate of Champion, and is located at 756 S. Normandie Ave.

The property is currently almost fully occupied and subject to the City of Los Angeles Rent Stabilization Ordinance (“RSO”). It consists of 23 studios and 7 one-bedroom units.

“The Bard Apartments is a great value-add investment in a core Los Angeles market,” states Parker Champion, Senior Vice President. “The investment allows for immediate cash flow and based on our prior success with RSO properties, we believe that we can create strong value-add returns.”

Prior to acquisition, several units had been renovated as part of a modest value-add improvement program. In addition to continuing to improve the units as they become available, Champion intends to expand on this effort by improving the curb appeal, common areas, and property amenities.

 “Koreatown is quickly becoming a core market for investors and developers, especially for multifamily investments that can provide an immediate return,” says Parker. “Champion intends to continue to acquire multifamily properties in Koreatown as part of our investment strategy.”

Champion and its affiliates currently manage similar RSO properties in the Koreatown and Hollywood submarkets.

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About Champion Real Estate Company

Champion Real Estate Company was founded in 1987 by nationally recognized investor, developer and CEO, Bob Champion. Based in Los Angeles, Champion’s investment 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 to achieve above-market returns. Champion’s investment activities are based on its belief in investing across the spectrum of risk-adjusted returns and in multiple product types including multifamily, retail, office, mixed-use, adaptive re-use of industrial buildings and historical renovations. Since 1995, Champion has completed projects valued in excess of $1 billion. Champion invests on its own account and in partnership with select high net worth individuals, family offices and institutions. For more information, visit www.ChampionRealEstateCompany.com.

OCTOBER 21, 2016 | BY NATALIE DOLCE

LOS ANGELES—Demand from both individual renters and investors for apartment homes and buildings has intensified. To meet this growing need, developers have expanded the volume of new construction. This, of course, leads to a quandary. On one hand, multifamily builders want to create the best product to lure both renters and potential investors. On the other hand, the costs of construction materials, land and labor remain high and loans are becoming more expensive due to Dodd-Frank regulations.

In a RealShare Apartments panel titled: Clearing the Hurdles: Development Update, expert panelist addressed the question of how today’s apartment developers are managing to pencil deals out in this climate, among other things.

Panelist Jim Andersen, SVP of Trammell Crow Co., said that in Los Angeles specifically, there has been a tremendous amount of development over the past five to seven years. “Some of the more desirable Westside neighborhoods have been inundated with developments,” he said. However, Andersen pointed out that thanks to a few major initiatives on the ballot, the price of development could go up and take longer and we could see a significant slowdown on L.A.’s development momentum.

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