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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.
- ◦Sale/Acquisition
