Champion Real Estate Co. Buys Two-Property Multifamily Portfolio in Glendale for $14.1M
GLENDALE, CALIF. — Champion Real Estate Co. has purchased a two-property apartment portfolio in Glendale. A private individual sold the portfolio for $14.1 million.
The acquisition includes a 36-unit community located at 348 W. Chevy Chase Drive and a 26-unit community located at 1119-1123 E. Elk Ave. Champion South Glendale, a subsidiary of Champion, will immediately implement a $2.6 million comprehensive interior and exterior physical improvement and renovation program. The upgrade plan will also address significant deferred maintenance issues stemming from the previous long-term owner including seismic retrofitting on both properties.
Built in 1963, 348 W. Chevy Chase Drive features four studio units, 20 one-bedroom/one-bath units and 12 two-bedroom/one-bath units. 1119-1123 E. Elk Ave. was built in 1961 and features 24 one-bedroom/one-bath units and two two-bedroom/one-bath units.
With this acquisition, Champion now owns and operates more than 225 units in the Tri-Cities region, which also includes Pasadena and Burbank.