(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
LOS ANGELES-GlobeSt.com has learned exclusively that Champion Real Estate Co. has promoted Greg Beck to partner. In this new role, he will oversee all development activities for the company including sourcing, acquiring urban land for development, renovation and adaptive re-use. Beck will work with Champion's retail partner Chris Wilson and multifamily partner Alex Saunders.
Beck has been with the firm for seven years and has completed five mixed-use developments in Southern California, totaling more than $200 million in value. These projects include residential and commercial condominiums, office, retail and restaurant, multifamily and public-parking uses. From 2007 to 2011, he was instrumental in repositioning the company's assets, and since 2010, has focused on acquiring land for mixed-use developments.
“Greg is the perfect person to lead our growing development acquisitions,” said Bob Champion, president of the firm, in a prepared statement. “We are confident that now is a great time to take advantage of the market, and Greg's knowledge will provide us the opportunity to acquire great opportunities.”
The firm will be seeking investments ranging in the $5-million to $100-million range for mixed-use properties that involve complex and challenging value-add scenarios including unentitled and distressed situations.
“Champion has a goal of spending approximately $100 million in development acquisitions this year,” said Beck in the statement. “We are also expanding our company's geographic appetite by aggressively seeking opportunities in the Bay Area as well as secondary markets in California.”
As GlobeSt.com reported earlier this month, a 62-unit 1970s Burbank apartment building with a luxurious penthouse intended to be occupied by the owner has been purchased by Champion for $15.6 million. The complex at 600 E. Olive St., made up primarily of two-bedroom, two-bath apartments, also has an 8,000-square-foot penthouse with a rooftop deck and private swimming pool.
Is development ramping up in your area? Tell us in the comment box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
