Langdon Park Capital Acquires Suburban LA Apartment Community for $49M
Langdon Park Capital, a Black-owned real estate investment company, has acquired a 138-unit multifamily property in West Covina, Calif., for $48.6 million, Commercial Observer can first report. Abacus Capital Group was the seller and was represented by Dean Zander and Stew Weston of CBRE (CBRE) in the transaction.
Located at 1829 East Workman Avenue in the San Gabriel Valley east of Los Angeles within a predominantly Latino community, the property will be rebranded as Langdon Park at West Covina, according to a release.
“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.”
Langdon Park Capital plans to allocate over $3 million for capital improvements and interior unit upgrades at the property. Langdon Park will partner with Esusu, a minority-owned fintech platform that helps residents build stronger credit histories and achieve financial stability, according to the release.
“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.”
Emily Fu can be reached at efu@commercialobserver.com.
