Updated Oct 29, 2024
Champion Real Estate Buys Other Asset In Los Angeles For $16.7M
624 W 28th St, Los Angeles, CA, 90007
$16,700,000
Building Size
—
Asset Type
Other
Closing
Nov 22, 2023
About this deal
AI
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.
On the Map
$16,700,000
Other
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Los Angeles Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93