Champion Real Estate Co. has acquired two more Glendale multifamily properties for $14.1 million, according to The Real Deal.
The acquisition includes the 36-unit complex at 348 W. Chevy Chase Drive and a 26-unit property at 1119-1123 E. Elk Ave.
Champion will begin a $2.6 million renovation on both properties, restoring the buildings’ interior and exterior, retrofitting both properties and resolving maintenance issues.
Built in 1963, the two-story Chevy Chase Drive, known as the Capri, features four studios, 20 one-bedroom units and 12 two-bedroom units. Completed in 1961, the two-story Elk Avenue complex contains 24 one-bedroom units and two two-bedroom units.
Champion Real Estate Executive Vice President Parker Champion said in a statement that the properties are desirable because they are both located in one of L.A.’s “premier live-work-play markets. … We will continue our concerted effort to own multifamily housing in Glendale and the Tri-Cities region.”
Champion Real Estate, which has a long-running interest in the Tri-Cities market, is doubling up on the Glendale investment it made earlier this year, when the firm purchased a pair of multifamily properties in the community for $33.6 million.
Champion now owns more than 225 units throughout the Tri-Cities markets.