We have managed the majority of this community for a few years and have always wanted to own the site in its entirety, and it is finally ours.
Westerville, Ohio (PRWEB) November 05, 2013
Champion has acquired a 304-unit apartment community in Lewis Center, OH, located only a few minutes from Polaris Fashion Place and JPMorgan Chase & Co. The Oak Creek at Polaris acquisition embodies the essence of Champion’s business model: buying Class B apartments in desirable, flourishing areas.
“Oak Creek at Polaris is located in the fastest-growing area of Central Ohio. The surrounding area is booming, and we are excited to have a property so close to all of the shopping, dining, and entertainment options that Polaris Fashion Place has to offer,” said Brian Yeager, president and CEO, said.
“Today is a great day for our team and valued investors,” Yeager added. “We have managed the majority of this community for a few years and have always wanted to own the site in its entirety, and it is finally ours.”
According to Yeager, Champion was able to purchase the apartments for $25,000 to $35,000 below what its competitors are currently selling or building at per unit.
“That is a great entry point to this submarket,” Yeager said. “The financing on this deal was remarkable too. We obtained a CMBS non-recourse loan at a sub-5% interest rate, fixed for 10 years.”
Champion has acquired a geographically diverse portfolio of value-add acquisitions. Currently, Champion manages more than 3,600 multi-family apartments, with 15 communities in the well-respected neighborhoods of Lewis Center, Delaware, Powell, Hilliard, Grove City, Canal Winchester, Gahanna and Westerville.
“Oak Creek is by far the most affordable apartment option in the submarket,” Yeager said. “With the current overbuilding of Class A apartments, we feel that our product serves a great purpose and, more importantly, the desired price point for our valued residents.”
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 on Champion, please visit http://championpm.biz/.