Supporting diverse real estate developers
Capital One is supporting Langdon Park Capital in its efforts to provide affordable housing that meets the needs of its residents.
May 26, 2023
Capital One’s Agency Finance team provided financing for Langdon Park Capital (LPC), a Black-owned real estate investment company, to close on a $63.2 million acquisition of a 304-unit apartment complex located near Washington, D.C. in Fort Washington, Maryland.
Rebranded as Langdon Park at Fort Washington, this property is in a predominantly Black community with most residents earning below 70 percent of area median income. LPC is committed to preserving that affordability while providing housing that meets the needs of its residents.
Rather than striving solely to maximize return on investment, LPC’s acquisition places an emphasis on uplifting and strengthening communities by providing the resources, tools and services that residents need, including financial literacy programs, workforce development training and rental assistance.
LPC has identified three community-focused partners to provide support for residents:
- Washington Jesuit Academy: an organization that provides comprehensive education for promising students from underserved communities
- Employ Prince George’s: a workforce development service provider
- Esusu: a minority-owned fintech platform that will allow residents to have their rental payments reported to major credit bureaus to help establish or improve their credit profiles and build stronger credit histories
LPC has committed more than $5 million for capital improvements at the property, including upgraded interiors of units, building exteriors, common areas and the on-site community center. As part of its value-add to residents, LPC will work with organizations to provide access to a range of social services from financial education to workforce development support.
“The lack of affordable housing is a pervasive issue within the country and our partnership with Capital One has been critical as we endeavor to provide high-quality homes for hard-working families," says Malcolm Johnson, Founder and Chief Executive Officer of LPC. "At Langdon Park, we’re confident that our team’s lived experiences, cultural competency and investment acumen will help to create long-term value for residents and investors alike.”
Read more about our community impact in the 2022 ESG report.