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Champion Real Estate Buys Other Asset In Los Angeles For $16.7M

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SOLD
$16,700,000
Stephen F. Watson
Michael Fukushima

California

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Property Image
SOLD

Champion Real Estate Buys Other Asset In Los Angeles For $16.7M

624 W 28th St, Los Angeles, CA, 90007

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Stephen F. Watson
Michael Fukushima
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Summary

CALIFORNIA
Asset Type:Other
Transaction Type:Sale

The property located at 624 W 28th St, Los Angeles, CA, 90007, has been sold for $16,700,000.00. The asset, purchased by Champion Real Estate Co., consists of two former fraternity houses near the University of Southern California. Champion Real Estate Co. plans to renovate the properties into student housing communities, offering fully furnished units and shared amenities, including oversized lounges, rooftop decks, and private study spaces.

Summary of transaction details:

  • Property Type: Other
  • Transaction Amount: $16,700,000.00
  • Buyer: Champion Real Estate Company
  • Seller: Undisclosed
  • Buyer's Reps: Michael Fukushima (Keller Williams), Stephen F. Watson (Keller Williams)

Two subsidiaries of Champion Real Estate Co. - Victory on 28th LLC and Victory House Portland LLC - will be responsible for rebranding and renovating the properties. The buyer's representatives in the transaction were Michael Fukushima and Stephen Watson of Total Realty Group. The exact timeline for the redevelopment plans has not been disclosed at this time.

Players

Michael Fukushima
Keller Williams Realty
Michael Fukushima
3 deals$37.6M volume
BROKER
Stephen F. Watson
Keller Williams Realty
Stephen F. Watson
3 deals$37.6M volume
BROKER
CC
Champion Real Estate Company
BUYER

Details

SOLD
IMAGE: 624 W 28th St, Los Angeles, CA, 90007 MARKET: Los Angeles ASSET TYPE: Other BUYER'S REP: Michael Fukushima(Keller Williams ), Stephen F. Watson(Keller Williams ) BUYER: Champion Real Estate Company SELLER: Undisclosed PRICE: $16,700,000.00

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$890,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$59,331.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$79,166.52
Annual Debt Service$949,998.24