Champion snaps up local apartment complex
Champion Real Estate Services, based in Westerville, has just bought the Lake Club at Polaris, a 432-unit complex.
The purchase brings the number of rental units in Champion's portfolio to about 5,000 units. The complex is located near the intersection of Powell Road and Polaris Parkway in Lewis Center, and Champion paid over $30m for the complex.
The Lake Club complex is a combination of one-bedroom and two-bedroom garden-style apartments. Brian Yeager, CEO of Champion, said the complex would be given a complete renovation during 2015. When the renovation is complete, Lake Club will be in a better position to complete with some of the high-end units nearby, while still remaining affordable for the majority of the area's residents.
In February, Champion bought property off Stelzer Road. The new Polaris acquisition took about half the investment, and represents less than half the number of apartments of the Stelzer Road property. The Stelzer Road property, known as Albany Park and rebranded as the Gardens at Easton, has 1,064 units, and cost Champion about $60m.
Once Champion has finished renovations to the Lake Club, the real estate company might consider working with brochure printers to create a booklet that highlights the amenities available at the refurbished complex. They could make the material available to residential realtors in the Lewis Center area.
The purchase brings the number of rental units in Champion's portfolio to about 5,000 units. The complex is located near the intersection of Powell Road and Polaris Parkway in Lewis Center, and Champion paid over $30m for the complex.
The Lake Club complex is a combination of one-bedroom and two-bedroom garden-style apartments. Brian Yeager, CEO of Champion, said the complex would be given a complete renovation during 2015. When the renovation is complete, Lake Club will be in a better position to complete with some of the high-end units nearby, while still remaining affordable for the majority of the area's residents.
In February, Champion bought property off Stelzer Road. The new Polaris acquisition took about half the investment, and represents less than half the number of apartments of the Stelzer Road property. The Stelzer Road property, known as Albany Park and rebranded as the Gardens at Easton, has 1,064 units, and cost Champion about $60m.
Once Champion has finished renovations to the Lake Club, the real estate company might consider working with brochure printers to create a booklet that highlights the amenities available at the refurbished complex. They could make the material available to residential realtors in the Lewis Center area.