Langdon Park Adds 200 Housing Units in LA
The two acquisitions bring the portfolio to more than $100 million of assets under management
Recently launched Langdon Park Capital (LPC) is planting its flag in Los Angeles with the acquisition of two workforce housing properties with a combined 200 units in historically underserved Black and Latino communities.
The L.A.-based, Black-owned real estate investment company paid a total of $36.9 million for a 177-unit apartment complex in Hollywood and a 23-unit apartment building in the South L.A. neighborhood of Baldwin Village. At both properties, the LPC team aims to address the housing affordability crisis in historically underserved Black and Latino communities.
“These Los Angeles area acquisitions exemplify LPC’s investment strategy of providing high-quality housing in markets experiencing long-term growth that will remain within reach of the working individuals and families who have lived in these neighborhoods for decades,” founder and CEO Malcolm Johnson said.
The Hollywood property is in a largely Latino community, and it will be rebranded as Langdon Park at Hollywood Studios. LPC will complete capital improvements at the property.
The Langdon Park at Baldwin Village is in the densely populated Crenshaw District, with a largely Black and Latino resident base. LPC has already started capital improvements at the building, including creating secure access points to the property for residents and removing decades-old bars and barbed wire from the parking garage.
The two deals come shortly after LPC’s first investment in the Washington, D.C., region, and brings the portfolio to more than $100 million of assets under management. L.A.-based real estate investment firm Kennedy Wilson is a founding partner, and management firm Eldridge is also a partner on LPC.
Gregory Cornfield can be reached at firstname.lastname@example.org.