Langdon Park Capital (LPC) has paid $48.6 million for a 138-unit multifamily property in West Covina, Calif., a strong residential community just east of downtown Los Angeles. The acquisition marks the firm’s fourth purchase in 2022.
The property, which will be rebranded as Langdon Park at West Covina, is located in the San Gabriel Valley in a predominately Latino community where the annual median family income is nearly 25 percent below the metropolitan area’s average of $80,000. The location offers convenient freeway access to expansive lifestyle amenities and more than 2 million jobs within a 20-mile radius in areas including downtown Los Angeles, North Orange County and the Inland Empire. Residents at the property enjoy family-friendly amenities including a pool and a secure, gated entrance, as well as close proximity to the world’s largest concentration of higher education systems, with more than 30 college and university campuses nearby.
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