Langdon Park Capital acquires suburban Los Angeles apartment community for $48.6 million
Langdon Park Capital (LPC), a black-owned real estate investment firm, today announced the acquisition for $48.6 million of a 138-unit multifamily property in West Covina, California, a community solid residential just east of downtown Los Angeles. The acquisition marks the company’s fourth purchase of 2022 and further underscores LPC’s commitment to meeting unmet demand for high-quality workforce housing in underserved Black and Latino communities. Across the country. CBRE’s Dean Zander and Stew Weston represented the sellers.
The property, which will be renamed Langdon Park in West Covina, is located in the San Gabriel Valley in a predominantly Latin American community where the annual median family income is nearly 25% lower than the area average. Metropolitan $80,000. The location provides convenient freeway access to extensive lifestyle amenities and more than two million jobs within a 20-mile radius in areas such as Downtown Los Angeles, Los Angeles County, ‘Orange of the North and the Inland Empire. Residents of the property enjoy family-friendly amenities, including a swimming pool and secure, gated entrance, as well as proximity to the largest concentration of higher education systems in the world, with more than 30 college and university campuses. near.
“Preserving workforce housing in Black and Latino communities has never been more important, especially as families are impacted by continued volatility amid interest rate hikes , rising inflation and limited housing supply,” said Malcolm Johnson, CEO and Founder of Langdon Park Capital. “LPC’s cultural competency in Southern California markets like West Covina, coupled with the rich, lived professional experiences of our leadership team, positions us to create a strong residential community that offers more than just a place to live our tenants. LPC’s asset management team will be active in all respects here. »
LPC plans to allocate more than $3 million for capital improvements and upgrades to the property’s interior units, most of which have not been renovated in the past decade, to provide a community high-quality housing to families who are below the region’s median income, but earn too much to qualify for housing benefits. LPC also plans to partner with Esusua minority-owned fintech platform that helps residents build stronger credit histories and achieve financial stability, in addition to leveraging the services of three local public schools and two local health centers to meet the unique needs of community residents.
“This latest acquisition underscores LPC’s mission to support the teacher, hospital worker and firefighter who are bearing the brunt of rising rents across the country and risk being evicted from the communities where they have lived for years,” said said Raymond Junior, Head of Residential Acquisitions at Langdon Park Capital. “We look forward to working closely with our community partners to create a safe, affordable and thriving residential community, while delivering strong returns for investors. »
This acquisition brings the company’s assets under management to more than $148 million and follows two previous investments by LPC in Los Angelesas well as an investment earlier this year in washington d.c. founding partner Kennedy Wilson (NYSE: KW) and strategic partner Eldridge continue to support LPC with capital and strategic resources.
CBRE’s Dean Zander and Stew Weston represented the sellers.
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