Champion Announces Acquisition Of 806 West Adams

LOS ANGELES, May 22, 2018 /PRNewswire/ -- 806 West Adams Property LLC, an affiliate of Champion Real Estate Company, has announced a 99-unit townhome project at 806 West Adams in the City of Los Angeles near the University of Southern California.

The approximately 2.75 acre property was purchased for a base price of $26 million from the John Tracy Clinic.  The John Tracy Clinic chose Champion because Champion offered a leaseback of the property during the entitlement period and, more importantly, will be a partner with Champion in the approvals process.

John Tracy Clinic president Gaston Kent said, "The clinic's participation in the increased value of the property through entitlements is a critical component of the clinic's long-term sustainability. In addition, the increased value will be used by the clinic to move to a newer, better equipped facility within the community."

As part of its development plan, Champion will provide affordable housing as a component of the project. Champion's commitment to address the affordable housing problem is part of Champion's commitment to mixed income projects around the City.  Previously, Champion voluntarily committed to provide rent control units in Hollywood, which was a first by a developer in Los Angeles.

Each townhouse in the proposed West Adams project will have approximately five bedrooms and feature a rooftop amenity deck. In addition, the project will have a large multi-story clubhouse, a resort style pool and sand volleyball courts. Although the project will be open to students, Champion believes there will be significant demand from university faculty and employees along with other renters that recognize the many attributes of the transit oriented West Adams neighborhood and the townhouse configuration.

The project is expected to be built in two phases with the first phase starting in 2019 and the second phase in 2020.

About Champion Real Estate Company

Champion Real Estate Company ("Champion") was founded in 1987 by veteran investor, developer and CEO, Bob Champion. Based in West 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.

For more information, visit www.ChampionRealEstateCompany.com.

Press Contact:
Rebecca Binny
C: (310) 334 9942
[email protected]

SOURCE Champion Real Estate Company

Related Links

http://www.ChampionRealEstateCompany.com