Malcolm Johnson Of Langdon Park Capital Acquires Pacific Trails Apartments From RPK Development For $21M

The 84-unit Pacific Trails apartment complex is located at 18615 East Arrow Highway in Covina. The property was sold for $21,000,000, resulting in a price per unit of $250,000. The transaction demonstrates the ongoing demand for multifamily housing in the area.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $21,000,000
• Units: 84
• Buyer: Malcolm Johnson - Langdon Park Capital
• Seller: RPK Development
• Broker Representatives: Otto Ozen & Mike Marcu - The Mogharebi Group

Langdon Park Capital, a firm that began operations in 2021, has now completed its fifth deal with this transaction. The purchase aims to maintain affordable housing in a region that is experiencing increased rent pressures and demand for residential units.