Champion Sells MultiFam Duo, Will Invest in Student Housing
Champion Real Estate Company has sold The Vines at RiverPark (pictured), a townhouse community in Oxnard, CA and Casa Laguna apartments in Los Angeles for a total of $103 million. The firm says they will use the proceeds to invest in student housing properties in strategic locations throughout the U.S.
“With the sale of The Vines at RiverPark, we have decided to capitalize on a forecasted trend of appreciation in student housing properties by exchanging the proceeds predominantly into student housing assets. Even during the pandemic, Champion’s student housing portfolio remained above 85% occupancy, including universities where in-person learning was cancelled,” said Parker Champion, COO with Champion Real Estate Company.
The Vines at RiverPark, which sold for $93 million, offers a mix of three- and four-bedroom units averaging nearly 1,400 square feet. Berkadia’s Adrienne Barr and Mike Murphy represented the buyer and seller. Casa Laguna, featuring 18 units in a historic setting, sold for $10 million. Paul Darrow of IPA represented both parties.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.