Westerville, Ohio (PRWEB) November 04, 2013
Champion has acquired a 232-unit apartment community in Grove City, Ohio, as of October 31, 2013. The Class B garden apartment property, called Collier Park Apartments, was built in 2003.
“We are very excited to own this entire property,” Brian Yeager, president and CEO, said. “We have managed it for a year and a half and saw an opportunity to increase the value through some cosmetic improvements and a more aggressive leasing plan. The site is currently 96% occupied, and we are looking forward to sustaining a high occupancy rate once we implement our strategic plan.”
Champion executed a non-recourse CMBS loan at a 4.7 percent interest rate for 10 years.
“This will be a great addition to our portfolio. We are building a very strong balance sheet to protect our organization and investor pool from interest rate and market risk,” Yeager said. “This property will earn our investors a healthy return on their investment.”
Champion has acquired a geographically diverse portfolio of value-add acquisitions. Currently, the company manages more than 3,600 apartments in central Ohio, with communities in Lewis Center, Powell, Delaware, Hilliard, Grove City, Canal Winchester, Gahanna, and Westerville.
“This has been a record year of growth and profitability for our organization, as we have added seven additional communities to the Champion portfolio,” Yeager said. “We have a first-class team here at Champion, and this is just the beginning of our journey.”
Founded in 2009, Champion is a privately-held, fully-integrated, multi-family investment firm. Champion is family-owned and operated and specializes in acquiring and managing apartment communities in central Ohio. For more information, please visit http://championpm.biz/.