Langdon Park Capital and Standard Real Estate Investments have jointly acquired an 84-unit multifamily property in Azusa, California. The property will be rebranded as Langdon Park on Arrow and will operate under a long-term affordability structure aimed at supporting working families. This acquisition aligns with the partners’ broader strategy to preserve naturally occurring affordable housing in high-cost urban areas.
Key Takeaways
- Acquisition Details: An 84-unit multifamily property in Azusa was acquired by Langdon Park Capital and Standard Real Estate Investments.
- Rebranding and Affordability: The property will be renamed Langdon Park on Arrow and will maintain long-term affordability for working families.
- Strategic Alignment: The purchase is part of a larger initiative by the joint venture to preserve affordable housing in expensive urban markets.
- Financing: Equity financing was provided by The Community Preservation Corporation, with a Fannie Mae loan arranged by Walker & Dunlop.
Preserving Affordable Housing in the San Gabriel Valley
Malcolm Johnson, founder and CEO of Langdon Park Capital, highlighted the significance of the San Gabriel Valley, noting its large and diverse population and its crucial role in the Los Angeles Metro region’s economy. He stated that the acquired property offers a stable living environment for families who are essential to the local economic landscape.
Financial Backing for the Venture
The joint venture received crucial financial support for this acquisition. Equity financing was secured from The Community Preservation Corporation, an organization dedicated to creating and preserving affordable housing. Additionally, the acquisition was facilitated by a Fannie Mae loan, which was expertly arranged by Walker & Dunlop, a prominent real estate finance company.