Locavesting | June 22, 2022

Langdon Park pays $63.2 million for affordable apartments for Black and Latino D.C. residents

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, June 22 — Former NFL wide receiver Malcolm Johnson left his job at JPMorgan last year to launch Langdon Park Capital, named after the Washington, D.C., neighborhood where he was born and raised in the 1980s.

At the Langdon Park Recreation Center, he had access to “amazing mentors, coaches, volunteers and many strong Black men and women who helped us flourish,” Johnson told ImpactAlpha. “I wanted this company to be named after a place that reminds us of what true value in our communities looks like.”

Johnson’s goal: to drive positive social impact in Black and Latino communities in D.C.-area housing markets. The real estate firm’s first investment is a 304-unit apartment building in Fort Washington, Md., a predominantly Black community, where most of the residents earn below 70% of the area’s median income.

Real estate impact

Langdon Park plans to spend $5 million on improvements while preserving affordability for residents. It will work with local social service organizations to provide financial education and workforce development.

Langdon Park will team up with Washington Jesuit Academy to create education opportunities for promising students, Employ Prince George’s for workforce development services, and Black-led fintech Esusu to help residents build credit scores by reporting their rental payments to credit bureaus.