Champion Real Estate Buys Student Housing Near Cal State Fullerton for $44M
Champion Real Estate Company acquired Oxford North Student Apartments — a 100-unit, 346-bed student housing community near California State University, Fullerton — for a price tag of $44.4 million.
The property, located at 2000 Oxford Avenue in Fullerton, Calif., will serve the students of California State University, Fullerton under its newly rebranded name: University Village Fullerton.
Champion’s subsidiary, Victory at Fullerton LLC, intends to renovate the student housing community’s courtyards and pool, and add stainless steel appliances, stone countertops, modern cabinetry and laminate wood flooring to individual units. Victory also plans to fully furnish the student living units with the basics — beds, couches, chairs, coffee tables, dining tables — and some new technology, including flat screen televisions and Sonos soundbars.
The Mogharebi Group brokered the deal on behalf of the sellers, who were described as a joint-venture partnership based in Southern California and the United Kingdom. Champion Real Estate was self-represented, said Mike Marcu, senior vice president for The Mogharebi Group.
Marcu confirmed to Commercial Observer that the L.A.-based Champion intends to renovate the property, adding that the building represented an opportunity for the firm to establish a solid footprint in Orange County.
“Due to the Covid-19 pandemic, the occupancy had dropped to 63 percent which made it challenging. However, the location and the strong upside potential made it very appealing for investors,” said Otto Ozen, executive vice president of The Mogharebi Group, in prepared remarks. “Through our proprietary platform that includes a robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.”