On August 27, Malcolm Johnson, Chief Executive Officer of Langdon Park Capital, spent his birthday at his company’s Baldwin Village multifamily property, hosted back-to-school events, and gave sneakers to the children living on the property. , backpacks and school supplies for free. .
The event will partner with Langdon Park Capital, a Black-owned real estate investment firm committed to addressing the unmet demand for quality workforce housing in underserved Black and Latinx communities. is a summary of Johnson’s mission.
“We approach our investments with the community in mind first and foremost,” said Johnson.
Langdon Park Capital continues to grow, announcing earlier this month that it had acquired a 138-unit condominium in West Covina for $48.6 million.
Dean Zander and Stew Weston of CBRE Group Inc. represented the Atrium seller of the West Covina property. The Atrium will be rebranded as Langdon Park in West Covina. It is located within a predominantly Latinx community, with median annual family income nearly 25% below the metropolitan average of $80,000.
Langdon Park will allocate more than $3 million to refurbish the facility and upgrade interior units.
Other purchases
The acquisition of West Covina is the company’s fourth acquisition of the year and brings the firm’s assets under management to over $148 million. This follows Langdon’s previous two investments in Los Angeles and an investment in Washington DC earlier this year.
“This latest acquisition highlights Langdon Park Capital’s mission to support teachers, hospital workers and firefighters who are experiencing soaring rents across the country and are at risk of being forced out of their longtime communities. It does,” Raymond said. Junior, Head of Home Acquisitions at Langdon Park Capital. “We look forward to working closely with our community partners to create safe, affordable and thriving residential communities while delivering significant returns for investors.”
“Protecting workforce housing in the Black and Latino communities is critical, especially as the continued volatility impacts families amid rising interest rates, rising inflation and housing restrictions,” Johnson said. It’s more important than ever,” he added. “Langdon Park Capital’s cultural capabilities in Southern California markets like West Covina, combined with the extensive professional experience of our leadership team, will create strong residential communities that offer our tenants more than just a place to live. Positioning us for: Langdon Park Capital’s wealth management team gets hands-on here in every way.”
Whether it’s properties in South LA, Hollywood, Langdon, which includes the Maryland suburbs of Washington, D.C., and northern Virginia, or soon-to-be Oakland, Johnson said his acquisitions are affordable for certain demographics. He said he would keep the price of housing.
“These are families who earn too much to qualify for housing subsidies, but often lack the funds to buy single-family homes because of the high cost of living and are forced to rent. said Johnson.
The amenities Langdon adds to multifamily homes are meant to enhance the community, not just the apartment itself.
“A quality neighborhood is one that first and foremost feels like a neighborhood,” says Johnson. “We don’t put bars on the windows.”
partnership
Langdon Park also provides social services directly to the families that live on its premises. The company has partnered with Esusu Financial Inc., a minority-owned fintech platform, to help residents of its facilities build stronger credit histories and achieve financial stability.
“Renters can voluntarily sign up and report monthly rent payments to three major credit bureaus,” Johnson said. “What you are seeing is an increase in the credit scores of the families who live in our building. It means that they have access to market rate credit to send students to college or pay off market rate student loans.”
In addition, Langdon utilizes the services of local public schools and medical centers to meet the unique needs of local residents.
Strategic partners Kennedy Wilson and Eldridge Industries continue to provide capital and resources to Langdon.
“They’re looking at profits and trying to look beyond just the financial side of the investment,” Johnson said. “What else is going on in the community to improve it?”
Born and raised in Washington, DC, Johnson said the commitment to community is important.
His company is named after the Langdon Park Recreation Center, a cornerstone of his upbringing. Johnson attended Notre Dame on a football scholarship, Pittsburgh with the Steelers and New York with the Jets where he played NFL football for two seasons before turning to real estate.
Now, there are a few things to consider when considering a potential acquisition.
“These are all areas with freeway access, lots of higher education, large employment centers, as well as high concentrations of blacks and Latinos,” Johnson said. “We typically try to buy larger assets that can actually scale in submarkets.”
In addition to the West Covina purchase, Langdon purchased a 304-unit building in the Washington, DC suburbs for $63 million and a 177-unit apartment complex in Hollywood for $36.9 million. Langdon renamed the latter Hollywood Her Studio Langdon Park.
Langdon Park’s Hollywood property is in a mostly Latino neighborhood, and Langdon Park in Baldwin Village is in a mostly Black and Latinx neighborhood.
“The real opportunity lies in looking for areas that have been overlooked without much institutional investment,” Johnson said.
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