Langdon Park Capital, a new joint venture focused on acquiring value-add affordable housing in communities of color, has purchased two multifamily properties in Los Angeles for $36.9M.
The partnership, which includes LA-based Kennedy Wilson and Greenwich, CA-based Eldridge Industries, bought a 177-unit apartment complex in Hollywood and a 23-unit building in Baldwin Village.
The Derby Apartments, located at 5640 Santa Monica Blvd., sold for $31.2 million, about $177,000 per unit. The purchase price for the Baldwin Village building was sold for $5.5 million, which translates into $239,000 per unit.
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