Investment supports long-term affordability and housing stability for working families in Los Angeles County’s San Gabriel Valley
Azusa, CA, (August 12, 2025) — The Community Preservation Corporation (CPC), in partnership with Langdon Park Capital (LPC) and Standard Real Estate Investments (Standard), has acquired an 84-unit multifamily property located in Azusa, California. The partnership plans to preserve affordability for working families and support long-term housing stability in a region facing significant affordability challenges.
The community will be rebranded as Langdon Park on Arrow and will operate under a long-term affordability structure designed to benefit working families. Additionally, the new ownership group plans to invest in modest renovations to enhance the resident experience. The acquisition is part of a broader strategy by Langdon Park Capital and Standard to preserve naturally occurring affordable housing in high-cost urban markets through innovative partnerships and impact-driven capital.
“At CPC, we are committed to using our capital to support partners who are advancing the affordability and equity of the communities they serve,” said Tell Metzger, Senior Vice President, Equity Investments, The Community Preservation Corporation. “This transaction not only ensures the tenants will have safe, stable and affordable homes, it also provides the resources to ensure the long-term financial and physical wellbeing of the property. We’re proud to invest alongside Langdon Park Capital and Standard Real Estate Investments to preserve housing that strengthens the fabric of the San Gabriel Valley.”
CPC provided a $6.4 million equity investment to aid in the acquisition and preservation of the property. The joint venture secured acquisition financing from a Fannie Mae loan arranged by Walker & Dunlop totaling approximately $16 million.
“We’re proud to partner with Standard and CPC on this important transaction,” said Malcolm Johnson, Founder and CEO of Langdon Park Capital. “This acquisition reflects our mission to deliver strong returns while expanding access to safe, high-quality housing in communities that matter to us. The San Gabriel Valley is a growing, diverse region that houses over two million residents, with functions critical to business in the LA Metro region. This property provides a stable home for families who are the backbone of the local economy.”
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. As a mission-aligned ownership partner, Housing on Merit plays a central role in the long-term stewardship of the property, ensuring that affordability protections for residents earning at or below 80 percent of the Area Median Income are maintained in accordance with state regulatory requirements. This partnership reflects a shared commitment to preserving housing affordability through both financial investment and nonprofit leadership.
“We are excited to continue scaling our multifamily preservation strategy alongside best-in-class partners like Langdon Park Capital and CPC,” said Robert Jue, CEO of Standard. “This investment aligns with our goal of building a more inclusive housing economy, especially in high-barrier regions like Los Angeles County.”
About The Community Preservation Corporation (CPC)
CPC is a nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $15 billion to finance the creation and preservation of more than 230,000 units of housing. The company provides a suite of construction and permanent lending products and is an Equity Investor with approximately 4,500 affordable units under ownership. CPC is a carbon-neutral company and maintains AA- S&P rating. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
About Langdon Park Capital
Langdon Park Capital is a real estate investment management firm focused on creating lasting value in historically underserved communities. Founded in 2021 and headquartered in Los Angeles, LPC targets housing investments that deliver strong risk-adjusted returns while promoting racial equity and economic opportunity. For more information, visit www.langdonparkcapital.com [langdonparkcapital.com].
About Standard Real Estate Investments
Standard Real Estate Investments (Standard) is a diversified middle market investment manager. The company operates across property sectors in markets throughout the United States with a current focus on the development of industrial facilities and the acquisition of multifamily communities. The firm maintains offices in Los Angeles, California and Washington, D.C. For more information, visit www.standardrei.com.
About Housing on Merit
Housing on Merit is a California-based nonprofit organization and Managing General Partner committed to preserving and expanding access to affordable housing. With a mission to create long-term housing stability for underserved communities, Housing on Merit brings deep expertise in nonprofit ownership, regulatory compliance, and strategic partnerships. The organization has facilitated the creation and preservation of more than 15,000 affordable housing units nationwide. For more information, visit www.housingonmerit.org.
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