Langdon Park Capital Acquires LA Community
The firm has allocated $3 million toward capital improvements on the 138-unit property.
Langdon Park at West Covina. Image courtesy of Yardi Matrix
Langdon Park Capital (LPC) has acquired a 138-unit multifamily asset in West Covina, Calif. The firm purchased the community for $48.6 million. Abacus Capital Group, the previous owner, bought the property in 2018 for $33.9 million, according to Yardi Matrix data. CBRE’s Dean Zander and Stew Weston represented the sellers.
LPC, a Black-owned real estate investment company, acquired the property to increase workforce housing supply in underserved Black and Latino communities, according to the firm. Located at 1829 E. Workman Ave., the soon to be named Langdon Park at West Covina is in a predominately Latino community. Annual median family income is almost 25 percent lower than the metro area’s of $80,000.
“As the cost of living continues to rise, we find it increasingly critical to invest in areas like West Covina, where Black and Latino workers are the backbone of communities, working in essential roles like teaching and emergency services,” Malcolm Johnson, CEO and founder of Langdon Park Capital, told Multi-Housing News. “Leveraging our management team’s cultural competency and market expertise, LPC is working to ensure that our West Covina property and our other investments across the U.S. are accessible for hard-working families for generations to come.”
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In prepared remarks, Raymond Junior, head of residential acquisitions for LPC, said that the community will contribute towards a mission of providing housing to teachers, hospital workers and firefighters experiencing rent hikes.
To support residents, LPC plans to pair with Esusu, a fintech platform aiding with credit scores and financial stability. Apartments will be available to residents who fall below the area median income but earn higher than would qualify for subsidized housing.
With $3 million allocated for capital improvements, each of the studio, one-, two- and three-bedroom units will be renovated. Community amenities include a pool and gated entrance.
The property is in proximity to over 30 college and university campuses and is located close to downtown Los Angeles, North Orange County and the Inland Empire. Over two million jobs are within a 20-mile radius of Langdon Park at West Covina. The Los Angeles metro gained 324,200 jobs over a 12-month period, ending in February. This is 240 basis points above the national rate, representing a 7.1 percent expansion.
This acquisition is LPC’s fourth in 2022, following others in Los Angeles and Washington, D.C.
