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LPC Acquires West Covina Multifamily Community for $49M

LPC Acquires West Covina Multifamily Community for $49M

Langdon Park Capital (LPC), a Black-owned real estate investment company, has purchased a 138-unit multifamily property in West Covina, CA for $49 million. The property, which is located within a predominantly Latino community, will be rebranded as Langdon Park at West Covina, and underscores the firm’s focus on creating lasting social impact in underserved Black and Latino communities.

“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 LPC’s CEO Malcolm Johnson in a news release.

The firm plans to allocate over $3 million for capital improvements and interior unit upgrades in order to provide high-quality residences for families who fall below the area median income but earn too much to qualify for housing subsidies. 

CBRE’s Dean Zander and Stew Weston represented the sellers in the transaction.


Inside The Story

Langdon Park CapitalMalcolm JohnsonCBRE's Stew Weston

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition