Black-owned real estate investment company Langdon Park Capital (LPC) has expanded its growing portfolio, which now totals more than $100 million of assets under management, with the acquisition of two multifamily assets totaling $36.9 million. The transactions include a 177-unit apartment complex in Hollywood, CA and a 23-unit apartment building located in the Baldwin Village neighborhood in South Los Angeles. At both properties, the LPC team will continue the company’s mission to address housing affordability in growing regions and provide safe, well-managed workforce housing in historically underserved Black and Latino communities.
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“These Los Angeles area acquisitions exemplify LPC’s investment strategy of providing high-quality housing in markets experiencing long-term growth that will remain within reach of the working individuals and families who have lived in these neighborhoods for decades,” said Malcolm Johnson, LPC Founder and CEO. “With our team’s local expertise, hands-on management strategies, and strong partnerships, we look forward to working with our tenants to improve the renter experience and provide communities that residents are proud to call home. We expect this to create significant value for our residents and strong, stable returns for our investors.”
The properties, which will be rebranded as Langdon Park at Hollywood Studios and Langdon Park at Baldwin Village, have the potential to benefit from multi-billion development projects underway near production studios in Hollywood, sports and entertainment hubs SoFi Stadium and the Intuit Dome in South Los Angeles and new infrastructure projects along the Crenshaw Corridor, including the 8.5-mile Expo/Crenshaw light rail situated minutes from Baldwin Village.
Langdon Park at Hollywood Studios is at the epicenter of several major employment hubs, including the Netflix and Paramount Studios headquarters, financial services firms, technology companies and healthcare institutions. The property offers the surrounding largely Latino community a high-quality housing option. LPC is in the process of initiating capital improvements at the property, including upgrading the interior and exterior landscaping, installing modern security systems, and refurbishing the building’s street-facing mural and signage.
Langdon Park at Baldwin Village is in the densely populated Crenshaw District in South Los Angeles, with a largely Black and Latino resident base. LPC has already begun completing capital improvements at the building, including creating secure access points to the property for residents, removing decades-old bars and barbed wire from the parking garage, power washing the exterior façade and interior courtyard, and updating the sprinkler system. LPC’s plans to further upgrade critical services at the property include installing digital security systems, renovating the laundry room, and adding an on-site maintenance room.