Los Angeles – August 11, 2022 – CBRE announced the $48.6 million sale of Atrium at West Covina, a 138-unit multifamily community, to Langdon Park Capital, a real estate investment management company based in Los Angeles that specializes in preserving workforce housing. This represents their third Los Angeles acquisition.
CBRE’s Dean Zander and Stewart Weston represented the sellers, an affiliate of Abacus Capital Group, a private real estate investment firm with an extensive nationwide portfolio.
Atrium at West Covina, located at 1829-1841 East Workman Avenue, was built in 1962 and 1963. While the previous owners updated the property with enhanced amenities such as improved social areas, redesigned pools, and an upgraded fitness center, there is still room for the new owner to improve the property. The majority of the apartments remain in their classic condition.
“The few renovated units have demonstrated potential for impressive income gains,” said Zander. “Langdon Park Capital plans to continue improving the balance of the units while adhering to their mandate to preserve workforce housing.”
Malcolm Johnson, Langdon Park Capital’s CEO and founder added, “The Langdon Park Capital team is looking forward to implementing further capital improvements at the property, listening to residents and working closely with community partners, to maintain our commitment to creating high-quality and affordable residential communities.”
The property has a variety of large, well-designed floor plans, comprised mostly of two- and three-bedroom apartments, that average over 1,000 sq. ft. Located on a 4.68-acre lot in the San Gabriel Valley, the property has an expansive, low-density feel in a garden courtyard design that is rarely replicated in new construction.
Added Weston, “Offering over half-a-million jobs, the San Gabriel Valley has shown a strong demand for workforce housing where occupancy rates have averaged over 98%.”
The city of West Covina is centrally situated within the San Gabriel Valley in the eastern portion of Los Angeles County. In close proximity to the property are five major grocery stores as well as three of the region’s most prominent shopping centers that feature over 200 regional and national retailers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.