LOS ANGELES, Nov. 24, 2015
/PRNewswire/ -- Los Angeles-based Champion Real Estate Company
("Champion") announces the purchase of their latest acquisition,
Ancelle Apartments in Koreatown. Champion Real Estate specializes
in prime real estate investments with enhanced returns. Their
strategic investment strategies range across the risk spectrum from
High Yield Core to Land Entitlement and Development.
Ancelle Apartments is an 87 unit historical building located
along the highly desired Wilshire Corridor. The submarket,
Koreatown, is the most densely populated district in LA County and
has the largest concentration of nightclubs, 24-hour businesses and
restaurants in Southern
California. The location is a walker's paradise with a seven
minute walk to the Wilshire/Western Metro Station and a "Walk
Score" of 91/100.
Ancelle is comprised almost entirely of studios offering
efficient layouts allowing for low absolute rents. The historic
nature and charm of this building provides for the ability to
achieve high renter demand and market rent premiums compared to
other properties in the area. Champion had to be creative in
structuring the deal as the Seller was completing the conversion of
formerly abandoned retail into five newly constructed units. Also,
in a separate transaction with a different Seller, Champion
purchased the adjacent property and plans to demolish the existing
structure to allow for additional parking, increase income and add
overall value to the property. Champion has budgeted significant
capital dollars for property and unit renovations and projects a
30% increase in income upon stabilization.
Champion was founded in 1987 by veteran developer and CEO Bob
Champion. Since 1995 Champion has completed projects valued in
excess of $1 billion and over two
million square feet. They invest on their own account and in
partnership with select individual and institutional investors.
Champion owns product ranging from entry-level studios to
high-end townhomes throughout Southern California. They are
actively seeking additional value add properties in great locations
to continue to grow their portfolio.
For additional information or investment opportunities, contact
Parker Champion at (310) 312-8274 or
via email pchampion@championdev.com or Greg Fink (310) 312-8034
gfink@championdev.com
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SOURCE Champion Real Estate Company