When a boom weakens, one of the first signs is landlords offering concessions (think of them as canaries in the mine). So far there are a few concessions in the Nashville apartment market, says Champion Real Estate partner Parker Champion, an active investor in the property type here.
A mixed-use development site at 1717 North Las Palmas in Hollywood just sold for $23.3M. Bisnow caught up with Champion Real Estate Co partner Greg Beck to get the latest about the sale. Courtesy of Greg Beck Greg (pictured with his wife, Allison) says it was Champion Real Estate Co’s plan to initially build on the site, but “once we obtained approvals we realized there was more interest from builders than we expected.” Greg (pictured with his wife, Allison) says it was Champion Real Estate Co’s plan to initially build on the site, but “once we obtained approvals we realized there was more interest from builders than we expected.” As a result, an affiliate of Champion, called Hollywood Cherokee Apartments Venture, sold the entitled site to Airport Holdings LP. Champion obtained entitlements for the development of 224 Class-A residential units over retail.
COSTA MESA, CA—Millennials are not looking for their piece of the rock like previous generations did—and many wouldn’t qualify for a home loan even if they were, said panelists at RealShare Orange County here Tuesday. These are among the many factors that make for a continued robust multifamily market—particularly in Orange County, where home prices are high.
Speakers on the panel, “Multifamily: On the Rise or at its Peak” were consistent in their appraisal of the market as far from over, although it depends which market you’re looking at, said Gary Goodman, SVP | acquisitions for PASSCO Cos. LLC. Goodman said the largest group of Americans is age 23, and they have college debt and are waiting longer to marry and have children, which means they tend to rent apartments for longer than previous generations did. “There are a lot of structural changes going on in multifamily that bode well for the industry—we have a long way to go.”
Chuck Packard, CFO for Pacific American Real Estate Development, said that regulations like Dodd-Frank will limit lending for home mortgages, which is good for multifamily. He added that “Millennials are not looking for their piece of the rock like we did,” another good sign for the sector.
Moderator Bob Champion, founder, president and managing director for Champion Real Estate Co., said the market is strong because there’s “still tremendous undersupply.” He added that we could be looking at multiple cycles at work, with the end of a credit super-cycle near.
Shortly after launching Champion Real Estate Company in 1987, Founder, President and Managing Partner Bob Champion saw it all clearly – buy the right properties and do the right things with them, and a firm can have a lot of success.
Over the past three decades, Champion Real Estate Company has completed projects in excess of $1 billion and has achieved an average approximate yield of more than 20 percent since 1995. Staying true to the firm’s recipe for success has also resulted in multiple awards, including recognition for shopping centers, transit-oriented projects, public-private partnerships and historic renovations.
JUNE 14, 2016 (Los Angeles, CA) – Champion Real Estate Company (“Champion”) announces the acquisition of a grocery-anchored neighborhood retail center in the City of Glendora, California. The property consists of an existing 85,615 square foot, free-standing, and vacant former grocery building located at 655 S Grand Avenue.
Champion intends to reconfigure and reposition the property as a smaller 70,500 square foot grocery-anchored neighborhood shopping center that will include several national, credit tenants. The center also is designed with two new retail pads in the existing parking field plus additional supporting retail to expand the tenant base and meet community needs.Read More
As a plethora of mixed-use projects continue to be built all over LA, attendees at Bisnow’s LA Multifamily and Mixed-Use event on Wednesday heard ideas and predictions about what the future may hold and whether the trend will continue.
More than 500 commercial real estate pros converged on the Montage Beverly Hills for the meeting.
Sklar Kirsh founding partner Andrew Kirsh (second from left) moderated the panel discussing mixed-use as a new living experience, which included The Ratkovich Co’s COO Clare DeBriere; CityLife Parking’s CEO Scott Gable; MVE + Partners VP Richard Castillo; and Champion Real Estate Co CEO Robert Champion.Read More
Los Angeles-based Champion Real Company has announced its acquisition of the historic Ancelle Apartments located in Koreatown, Los Angeles.
The 87-unit Ancelle Apartments is ideally situated in Wilshire Corridor, which is only a seven minute walk to the Wilshire/Western Metro Station. The historic building is comprised mostly of studios offering efficient layouts that allow for low absolute rents.
According to their press releases in PR Newswire, Koreatown is considered to the the most densely populated area in the Los Angeles County, with the largest concentration of nightclubs, 24-hour businesses and restaurants in Southern California.
An individual developer from East Nashville sold the 74-unit Amplify on Main in Nashville, TN, to Champion Real Estate Development Co. for $14.1 million, or about $190,000 per unit.
The 82,020-square-foot apartment complex consists of five buildings with a mix of one- and two-bedroom units. It delivered in 2014 in the Maxwell submarket. And the Los Angeles investment firm swooped in less than one year after its grand opening.
The 74-unit Amplify on Main apartments in East Nashville has a new owner.
A Los Angeles-based investor has paid $14.1 million for the Amplify on Main apartments in East Nashville.
Champion Amplify LLC bought the 74-unit complex from East Side Development Partners LLC, whose president, Adam Leibowitz, is an active developer in East Nashville.
Champion Amplify is an affiliate of Champion Real Estate Co., which had made two previous acquisitions here.
East Side developed Amplify on Main at the corner of Mcferrin Avenue and Main Street, touting its location along the planned route for the city’s failed bus rapid transit proposal called the Amp.
“We looked at both that as well as that it’s Music City,” Leibowitz said. “The word ‘amplify’ has a meaning towards the idea of Music City.”
Nearly all of the apartment units at Amplify on Main are occupied.
In East Nashville, Leibowitz also developed EastSide Station, a mixed-use building with local shops facing Woodland Street and East Nashville Self Storage facing Main Street.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.
Oppidan Investment Co, a St. Paul, Minn-based developer, snapped up the Orchard Supply Hardware location in Thousand Oaks (1934 E Avenida de Los Arboles) from a private investment firm in LA for nearly $16.8M. According to Colliers International, this is the highest price ever paid per SF for a single-tenant, triplenet property in Ventura County, and among the highest in SoCal. The property consists of 43k SF on five acres. Colliers EVP Chris Maling, who repped both sides with David Maling and Stephen Algermissen, says among the reasons they were able to achieve this record price was that the single-tenant OSH store is in a supplyconstrained market with little to no competition. The nearest hardware and home improvement center is five miles away, he says.