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Friday, Sep 29, 2023

Langdon Spends $37M For Two Rental Assets

Langdon Park Capital, a Black-owned real estate investment company based in West Adams, has acquired two multifamily assets totaling $36.9 million.
The assets are a 177-unit apartment complex in Hollywood and a 23-unit apartment building located in Baldwin Village.

With these deals, LPC reaches $100-plus million worth of assets under management. At both properties, LPC’s asset management team will continue the company’s mission to provide safe and affordable essential housing in Black and Latino communities.

“The acquisition of these apartment communities in two of Los Angeles’ high growth markets exemplifies LPC’s investment strategy of preserving affordable housing, particularly in areas of rapid economic development, so that families who have lived in these neighborhoods for decades can participate in their growth,” Malcolm Johnson, LPC’s founder and chief executive officer, said in a statement. “With our team’s expertise, hands-on operations and strong community partnerships, we expect to create significant value for residents and our investors.”

Located at 5640 Santa Monica Blvd. and 3939 Nicolet Ave., the two properties — which will be rebranded as Langdon Park at Hollywood Studios and Langdon Park at Baldwin Village, respectively — have the potential to benefit from multi-billion dollar development projects underway. That includes production studios in Hollywood and sports and entertainment hubs near the SoFi Stadium and the Intuit Dome in Inglewood, along with new infrastructure projects along the Crenshaw Corridor, including the 8.5-mile Expo/Crenshaw light rail, situated minutes from Baldwin Village.

“The two submarkets represent exactly where we want to be,” Johnson said. “We’re really attuned to the needs of our residents. We define them as workforce. If you’re a schoolteacher, a nurse. There’s tremendous demand for housing that’s close to jobs, close to transit, close to schools.”

LPC partnered with Kennedy-Wilson Holdings to acquire the properties.
“Their partnership from day one has been tremendous in allowing us to expand and stay active,” Johnson said.

At Langdon Park at Hollywood Studios, 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.

At Langdon Park at Baldwin Village, LPC has already begun completing capital improvement, including creating secure access points to the property for residents, removing decades-old bars and barbed wire from the parking garage, power-washing the facade and interior courtyard and updating the sprinkler system. LPC plans to further upgrade critical services at the property, including installing digital security systems, renovating the laundry room and adding an on-site maintenance room.

For Langdon Park at Baldwin Village, LPC has engaged Opportunity Real Estate Services as a third-party property manager to oversee the day-to-day operations at the property.
The property purchases, Johnson said, represent “all of the things that I would like to have seen when I was growing up in Washington, D.C. I grew up in a densely populated urban area I knew I wanted to come back and uplift our community.”

Through his real estate choices, Johnson wants to help marginalized people of color who have traditionally been overlooked or barred from housing opportunities.
One of the properties LPC acquired had a long-running covenant excluding any person of color from ownership.

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