Champion Real Estate Co. has sold two Southern California multifamily assets for $103.05 million, with plans to invest the proceeds in student housing properties in strategic locations throughout the U.S.
In separate transactions, Champion sold The Vines at Riverpark, a 164-unit townhome community in Oxnard, for $93 million and the 18-unit Casa Laguna apartment community in Los Angeles for $10.05 million.
“The Vines at RiverPark and Casa Laguna are two of the first operational multifamily acquisitions by Champion, which had previously been known primarily as a retail developer,” said chief operating officer Parker Champion. “At the time, we identified challenges to the retail industry and made the decision to exchange out of our legacy retail holdings into multifamily where there was better inflation protection.”
Subsidiary Champion Vines had acquired The Vines at RiverPark, built in 2014, for $55.5 million in 2015. The townhome community, which is in the RiverPark master plan in Ventura County, features three- and four-bedroom units averaging 1,400 square feet. Berkadia’s Adrienne Barr and Mike Murphy represented both Champion and the buyer.
Subsidiary Casa Laguna acquired Casa Laguna for $5.85 million in 2013. Constructed in 1928, the historic building in Los Angeles’ affluent Los Feliz neighborhood was designed by Arthur and Nina Zwebell, a famed and self-taught husband-and-wife architecture team. Casa Laguna, named a Los Angeles Historic-Cultural Monument in 2006, features studio, one-, and two-bedroom apartments averaging 942 square feet. Institutional Property Advisors’ Paul Darrow represented Champion and the buyer.
“We have again decided to capitalize on a forecasted trend of appreciation in student housing asset properties by exchanging these sales’ proceeds predominantly into student housing assets,” said Champion. “Even during the height of the pandemic, Champion’s student housing portfolio remained above 85% occupancy, including universities where in-person learning was canceled. Champion is focused on Tier 1 universities and has acquired over 2,000 beds in the past two years with over 1,500 beds in development.”
