Champion Real Estate Co. has acquired a former fraternity house adjacent to San Diego State University for $12.7 million. As the company’s first student housing property in San Diego, it will be rebranded as Victory at SDSU with 226 beds, a study center, a recreation center, roof decks, and a pool. The property will be leased by the bed, and all spaces will be fully furnished, including televisions and additional 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,” says Garrett Champion, executive vice president with Champion Real Estate Co. “Our goal is to develop a property that provides a Class A living experience to students seeking the San Diego lifestyle.”
Champion SDSU, LLC, a subsidiary of Champion, is immediately preparing construction plans to secure permits. Stewart Hayes of JLL represented Champion and the seller in the transaction.
Moving forward, Champion adds, “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.”