a day ago
- Business
- Los Angeles Times
Langdon Park Capital and Standard Real Estate Investments Acquire 84-Unit Workforce Housing Community
Langdon Park Capital, a real estate investment firm focused on affordable housing in historically underserved communities, and Standard Real Estate Investments, a diversified middle-market investment manager, acquired an 84-unit apartment building in Azusa.
The community will be rebranded as Langdon Park on Arrow and will operate under a long-term affordability structure designed to benefit working families. The acquisition is part of a broader strategy by Langdon Park Capital and Standard to preserve naturally occurring affordable housing in high-cost urban markets through innovative partnerships and impact-driven capital.
'This acquisition reflects our mission to deliver strong returns while expanding access to safe, high-quality housing in communities that matter to us. The San Gabriel Valley is a growing, diverse region that houses over two million residents, with functions critical to business in the L.A. Metro region,' said Malcolm Johnson, chief executive and founder of Langdon Park Capital, in a statement.
Founded in 2021, Langdon Park Capital's total assets under management now exceed $165 million. The joint venture secured equity financing from the Community Preservation Corporation, a nonprofit multifamily lender and investor. Financing for the acquisition also included a Fannie Mae loan arranged by Walker & Dunlop. The property features a mix of one-, two- and three-bedroom apartments. The new ownership group plans to invest in modest renovations to enhance the resident experience while maintaining affordability and minimizing displacement.
The property will benefit from a Welfare Tax Exemption through the California Municipal Finance Authority, made possible by the active participation of Housing on Merit, a California-based nonprofit serving as the managing general partner.
Information for this article was sourced from Langdon Park Capital.
