SAN DIEGO, CALIF. — Champion Real Estate Company (“Champion”), announced today that it has acquired a former fraternity house adjacent to San Diego State University and located at 5505-25 Lindo Paseo in San Diego for $12.7 million. The property, which will be rebranded as Victory at SDSU, is the company’s first student-housing property in San Diego. However, Champion is no stranger to the market having developed a half dozen properties in San Diego spanning two decades including the Gaslamp City Square project adjacent to Petco Park.
Champion SDSU, LLC, a subsidiary of Champion, will immediately prepare construction drawings to secure a building permit to construct a 226-bed off-campus student housing project servicing San Diego State University students. Victory at SDSU will feature a study center, recreation center, pool and roof decks. It will be leased by the bed and all beds will be fully furnished including televisions Sonos soundbars and other amenities.
“The San Diego student population has continued to grow as life science and technology firms expand into the area and with STEM labor in more demand,” said Garrett Champion, Executive Vice President with Champion Real Estate Company. “Our goal is to develop a property that provides a “Class A” living experience to students seeking the San Diego lifestyle.”
Champion went on to say “the company will continue to look for more opportunities to convert aged student housing properties at other tier-1 universities providing a premium in-unit living experience at a discount to newer class-A properties.”
Stewart Hayes of JLL represented Champion and the seller.
About Champion Real Estate Company
Founded in 1987, Champion Real Estate Company is a family office which invests its own money alongside high-net-worth individuals and registered investment advisors across the risk spectrum of real estate in key primary markets across the United States. Over the past 20 years, Champion has achieved over a 20 percent annual compounded return on investor equity by acquiring core plus, value add and opportunistic multifamily, retail, office, student housing and mixed-use properties.