- Housing & Community Development
- News Center
- News & Press Releases
- Prince George's Couty Exercises ROFR Tool to Preserve Affordable Rental Housing in Fort Washington
Prince George's Couty Exercises ROFR Tool to Preserve Affordable Rental Housing in Fort Washington
County Supports Langdon Park Capital’s Efforts to Acquire Affordable Housing Community
Largo, MD --- The Prince George’s County Department of Housing and Community Development (DHCD) utilized its Right of First Refusal (ROFR) to assign its rights to Langdon Park Capital to purchase Langdon Park at Fort Washington, a 304-unit multi-family apartment building, located at 2428 Corning Avenue, Fort Washington, MD. Ninety-one (91) of the 304 units will remain affordable.
According to County Resolution CR-51-2015, the County may exercise its Right of First Refusal when an owner of a multi-family rental facility of 20 units or more intends to sell a multi-family property. DHCD has the authority to purchase the property or assign its rights in an effort to stabilize, preserve, and expand housing opportunities for low- and moderate-income households and increase the availability of quality affordable rental housing in designated areas of the County.
“As our County grows, it is important for us to continue to create opportunities for all Prince Georgians and exercising our Right of First Refusal program helps us to protect and expand quality, safe homes that residents of all incomes can afford,” said County Executive Angela D. Alsobrooks. “Langdon Park at Fort Washington is conveniently located in the southern part of our County, just outside the Capital Beltway and will offer residents access to employment opportunities and other resources. We are proud that we are able to continue making progress so that our residents can grow and thrive here for many years to come.”
Langdon Park Capital (LPC), a Black-owned real estate investment company, purchased Langdon Park at Fort Washington for $63.2 million. 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-added to residents, LPC will work with local organizations to provide access to a range of social services, from financial education to workforce development support, and more.
“We look forward to deepening our partnership with the Housing and Community Development Department to advance our shared goals of preserving high-quality, affordable housing and strengthening the Prince George’s County community,” said LPC Founder and CEO Malcolm Johnson. “I was born and raised in a similar neighborhood nearby in Washington, DC, and I founded LPC to address the unmet housing demand and other immediate needs we see in historically underserved Black and Latino communities in this region and across the country.”
The acquisition of Langdon Park at Fort Washington under the Right of First Refusal program furthers the mission of DHCD to preserve or create affordable homes, prevent displacement, advance racial and housing equity, and open greater opportunity for individuals, families, and communities.
Langdon Park Capital
Langdon Park Capital (LPC) is a real estate investment manager focused on creating lasting social impact in historically underserved Black and Latino communities, while generating strong returns for its investors. The firm combines institutional capital with the industry expertise and the lived experiences of its diverse leadership team to customize its investment approach based on each community’s specific needs. Headquartered in Los Angeles, LPC invests in affordable and workforce residential and mixed-use real estate properties in cities across the United States. To learn more about Langdon Park Capital, please visit www.langdonparkcapital.com.