AZUSA, CALIF. — Langdon Park Capital and Standard Real Estate Investments have acquired an apartment property located in Azusa. The 84-unit community will be rebranded as Langdon Park on Arrow and will operate under a long-term affordability structure designed to benefit working families.
Situated 25 miles east of downtown Los Angeles, the property features one-, two- and three-bedroom apartments. The new ownership group plans to invest in modest renovations to enhance the resident experience while maintaining affordability and minimizing displacement.
The joint venture secured equity financing from The Community Preservation Corp. Financing for the acquisition also included a Fannie Mae loan arranged by Walker & Dunlop. The property will benefit from a Welfare Tax Exemption through the California Municipal Finance Authority, made possible by the active participation of Housing on Merit, a California-based nonprofit serving as the managing general partner.