LOS ANGELES, Dec. 6, 2016 /PRNewswire/ -- 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.
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.
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SOURCE Champion Real Estate Company