Champions Portfolio

In June of 2014, Bridgeview Real Estate to acquired and renovated Champions Park and Champions Centre apartments, forming a 438-unit multifamily portfolio in Houston, TX (“Champions”). 

The Champions purchase price was $37.75 million (~$86,200 per unit) and total project costs, including renovation budgets and fees, totaled $42.4 million (~$96,800 per unit). The initial capitalization was funded with $28.3 million of senior financing, $11.1 million of equity from an investment firm LEM Capital, $2.4 million of investor equity, and $600,000 from Bridgeview.

Champions Portfolio

At the time the property was put under contract (July 2011), the city of Houston had yet to see life coming back into its multifamily market. Consequently, Bridgeview was able to acquire the property at a significant discount to unit and land value. Additionally, the submarket had not seen any new construction since the early 2000’s and was experiencing tight occupancies and rents just beginning to get back to historical norms.

Shortly after acquisition, Bridgeview worked with a local architect to redesign the property bringing it from an early 1970’s design into the 2000’s from both an external and internal perspective. The redesign included the relocation of the pool, the creation of two common areas (leasing center and fitness center / resident lounge), as well as a change in unit types (from predominately three bedrooms to predominately one bedrooms).

At the initial underwriting, Houston was still just waking up from the recession and a pro forma cap rate of 8.0% was used, which resulted in a pro forma $3.0 Million profit upon sale. However, the property was sold in early 2014 for $21.9 Million (a 6.5% cap rate), which generated a profit in excess of $11.3 Million on equity of just $2.9 Million.

Portfolio Performance

Investor IRR
Equity Multiple
Hold Period
57 Months

Past performance is not indicative of future results.

Portfolio Properties


Multifamily Property | Houston, TX

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Multifamily Property | Houston, TX

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