Langdon Park Renovation Serves as Affordable Housing Model in San Gabriel Valley
The Community Preservation Corp. (CPC) has partnered with Langdon Park Capital (LPC) and Standard Real Estate Investments (Standard) to acquire an 84-unit multifamily property in Azusa, California.
The partnership plans to preserve affordability for working families in the San Gabriel Valley, supporting long-term housing stability in a region facing significant affordability challenges.
The community will be rebranded as Langdon Park on Arrow, as the ownership group plans to invest in modest renovations to enhance the resident experience, with CPC providing a $6.4 million equity investment to aid in the acquisition and preserve the property.
“Langdon Park on Arrow is proof that you can preserve affordability in high-barrier markets without sacrificing investment discipline,” Malcolm Johnson, CEO of LPC, told GlobeSt.com.
“By aligning mission-driven capital with strong institutional execution, we’re keeping working families in their homes while delivering lasting community value.”
A Welfare Tax Exemption through the California Municipal Finance Authority, made possible by the active participation of Housing on Merit, was used in the transaction. Housing on Merit is a California-based nonprofit serving as the managing general partner.
Johnson said this was a complex transaction that came together thanks to motivated partners who shared a vision.
“Langdon Park on Arrow shows that with the right structure, we can preserve naturally affordable housing at scale and create a model for replication in other high-cost regions,” he said.
The San Gabriel Valley is growing. It's a diverse region that houses over two million residents, with functions critical to business in the LA metro area.
Source: GlobeSt/ALM