January 23, 2020
LA-based Champion Real Estate Company has acquired the Valleywood Apartments (formerly Willows Apartments) at 17806 Lassen Street in the Los Angeles submarket of Northridge, CA, for $14.85 million. The company plans to immediately commence with a $2.3 million renovation and improvement plan for the 42-unit multifamily complex.
Champion acquired Valleywood from an unnamed private seller, to complete a portion of its 1031 exchange from the $6.25 million sale of Koreatown’s Bard Apartments.
Originally built in 1985, plans are in motion for a comprehensive interior and exterior physical improvement and renovation program covering unit finishes, exterior cosmetics, amenity upgrades and large-scale infrastructure maintenance and repairs.
According to its announcement, the company intends to own the property long term, and the quality and scope of planned improvements support that intent.
“Champion was attracted to this community because of its proximity to California State University, Northridge…” said Garrett Champion, SVP with Champion.
Connect Los Angeles 2020 is coming up on March 26. It will bring together leading local, regional, and national developers, investors, owners, brokers, financiers and other major players for an afternoon of informative panel discussions, plus networking and cocktails.
For more information, or to register, click here.
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