Langdon Park Capital Acquires Fort Washington Apartments in $63M Deal
Company also appoints new director of mid-Atlantic region
By Keith Loria June 15, 2022 8:00 am
reprints
Langdon Park Capital, a Black-owned real estate investment company based in Los Angeles, has acquired a 304-unit apartment complex in Fort Washington, Md., for $63.2 million, and has renamed the property Langdon Park at Fort Washington.
The company also announced the appointment of industry veteran Julia Stevenson as its new director for the mid-Atlantic region.
These two actions advance the firm’s commitment to addressing the unmet demand for high-quality, affordable housing in historically underserved Black and Latino communities across the U.S., according to Malcolm Johnson, founder and CEO of Langdon Park Capital.
“Our roots are in Washington, D.C., which is one of the reasons we are so excited about Langdon Park at Fort Washington,” Johnson told Commercial Observer. “Our real differentiating factor is that our senior management team and every person who partners with us has a goal of providing not just strong financial returns, but more opportunities for Black and Latino families.”
This marks one of the first acquisitions in the D.C. area for the company, and Johnson noted that the strategy ahead will focus on adding more for these communities.
“These are working-class people — like the nurse who gave you a COVID test last week, your kids’ elementary school teachers, or a manager at your favorite retail store — but they don’t have the luxury of being able to afford a single-family home in a high-cost city like Washington, D.C., or in Prince George’s County, Md.,” Johnson said. “We think this is a new moment in time for institutional capital to support this type of mission.”
Located at 2428 Corning Avenue, Langdon Park at Fort Washington was built in 1965 and is situated in an area where the majority of residents earn below 70 percent of area median income.
Langdon Park Capital will institute a $5 million capital improvement plan at the property, which will upgrade unit interiors, building exteriors, common areas and the on-site community center, which Johnson expects to be used by local Boys and Girls Clubs.
“I want every resident to know that their new owner cares about the curb appeal where they live,” Johnson said. “We also think about things like making sure a maintenance request is answered within 24 hours and that things remain safe.”
The company will also work with organizations to provide access to a range of social services, from financial education to workforce development support.
Stevenson will start her new position on June 20, based in the District. Her background includes fund management, impact investing, development and project finance, with prior leadership roles at LISC Strategic Investments, Eagle Bank, PNC Bank and the Howard County Real Estate Development office.
“This is a great opportunity to work with someone who I saw as authentically invested in the impact portion of impact investing, versus just the ESG PRI tick marks, and an opportunity to have more control over the investments, being on the principal side as opposed to the lending side,” she told CO.
Keith Loria can be reached at Kloria@commercialobserver.com.
