Langdon Park Capital (LPC), a Black-owned real estate investment company, today announced the $48.6 million acquisition of a 138-unit multifamily property in West Covina, California, a strong residential community just east of Downtown Los Angeles. The acquisition marks the firm’s fourth purchase in 2022 and further underscores LPC’s commitment to address the unmet demand for high-quality, workforce housing in underserved Black and Latino communities across the country. Dean Zander and Stew Weston of CBRE represented the sellers.
The property, which will be rebranded as Langdon Park at West Covina, is located in the San Gabriel Valley within a predominately Latino community where the annual median family income is nearly 25 percent below the metropolitan area’s average of $80,000. The location offers convenient freeway access to expansive lifestyle amenities and over two million jobs within a 20-mile radius in areas including Downtown Los Angeles, North Orange County and the Inland Empire. Residents at the property enjoy family-friendly amenities including a pool and a secure, gated entrance, as well as close proximity to the world’s largest concentration of higher education systems, with over 30 college and university campuses nearby.
“Preserving workforce housing in Black and Latino communities has never been more important, particularly 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 lived and rich professional experiences of our leadership team, positions us to create a strong residential community that provides more than just a place to live for our tenants. LPC’s Asset Management team will be hands-on in every way here.”
LPC plans to allocate over $3 million for capital improvements and interior unit upgrades at the property, most of which have not been renovated within the last decade, in order to provide a high-quality residential community for families who fall below the area median income but earn too much to qualify for housing subsidies. LPC also plans to partner with Esusu, a minority-owned fintech platform that helps residents build stronger credit histories and achieve financial stability, in addition to tapping services of three local public schools and two local healthcare 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 experiencing the brunt of rent hikes across the country and are at risk of being pushed out of the communities where they have lived for years,” 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, all while delivering strong returns for investors.”
This acquisition brings the firm’s AUM to over $148 million, and comes on the heels of two previous investments by LPC in Los Angeles, as well as an investment earlier this year in Washington, D.C. Founding partner Kennedy Wilson (NYSE: KW) and strategic partner Eldridge continue to provide support for LPC with strategic capital and resources.
Dean Zander and Stew Weston of CBRE represented the sellers.