Quantcast

The Real Deal Los Angeles

Champion Real Estate adds to its Glendale apartment portfolio

The firm paid $14M for 2 properties; with improvements planned
By Greg Cornfield | September 24, 2018 03:00PM

Champion Real Estate acquired a portfolio of Glendale properties that includes this 26-unit community at 1119-1123 E. Elk Ave. (Courtesy Champion Real Estate Company)

Champion Real Estate Company is doubling up on its investment in Glendale multifamily projects this year.

The company said it paid $14.12 million for two apartment properties in Glendale. This comes after the firm bought two other apartment complexes in Glendale for $33.6 million earlier 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.

The property on Chevy Chase Drive was built in 1963. It features four studios, 20 one-bedroom units and 12 two-bedroom units. The Elk Avenue property was built in 1961 and features 24 one-bedroom units and two two-bedroom units.

Parker Champion, executive vice president for Champion Real Estate, explained in a press release that the firm was attracted to the properties because they are in one of the city’s “premier live-work-play markets.”

“We will continue our concerted effort to own multifamily housing in Glendale and the Tri-Cities region,” he added.

With the two properties, Champion owns more than 225 units throughout Glendale, Pasadena and Burbank. The company also recently flipped a retail center in Glendora for $34.2 million, two years after acquiring it for $13.5 million. And earlier this year, Champion increased the number of units it planned to build at its Hollywood project.