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 remodeled by Champion in 2019, Victory on Ellendale is located at 2652-2656 Ellendale Place. One of Champion’s six student housing assets near USC, Champion has completely renovated the property with new stainless steel appliances, quartz countertops, cabinetry, hardware, lighting, window coverings, vinyl flooring, bathroom upgrades and paint in every unit.
“In just a few years, we’ve seen the Los Angeles student housing market grow significantly and as a result, cap rates are compressing,” said Garrett Champion, senior vice president of Champion Real Estate Company. “This growth has provided an ideal exit opportunity for Champion. Although we prefer to hold transactions for long-term cash flow, we had previously identified a 1031 exchange property that offered a tax-efficient investment for our investors.
Arthur Arejian and Jon Tran of Vanguard Investments represented the buyer and seller.
