Champion Real Estate Company (Champion), announced that it has sold Victory on Ellendale, a 24-unit, 96-bed student housing community in Los Angeles to an undisclosed buyer for $20.5 million. Champion acquired the property in 2018 for $12.45 million.
Built in 1963 and renovated by Champion in 2019, Victory on Ellendale is located at located at 2652-2656 Ellendale Place. One of Champion’s six student housing assets near USC, Champion fully renovated the property with new stainless steel appliances, quartz countertops, cabinetry, hardware, lighting, window coverings, vinyl plank flooring, bathroom upgrades and paint throughout each unit.
“In just a few short years, we have seen the Los Angeles student housing market grow significantly and as a result, cap rates compress,” said Garrett Champion, Senior Vice President with Champion Real Estate Company. “This growth provided an ideal exit opportunity for Champion. While we prefer to hold deals for long term cash flow, we had already identified a 1031 exchange property providing a tax efficient investment for our investors.”
Arthur Arejian and Jon Tran of Vanguard Investments represented the buyer and seller.