August 14, 2025

LEM Capital Acquires Multifamily Property in Richmond, VA

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Reserve South Apartments (the “Property”), a 200-unit multifamily community built in 1987. LEM plans to execute a comprehensive value-add business plan that will improve the Property’s exteriors, expand and modernize the amenity set, and improve the existing unit interior finishes. The Property was acquired in partnership with McCann Realty Partners, a repeat, locally based operating partner.

Located in the Southside Richmond submarket, the Property benefits from easy access to many of the region’s prominent transportation routes such as Midlothian Turnpike, Chippenham Parkway, and Powhite Parkway. Major employment nodes within a two-mile radius of the Property include Chippenham Hospital, Springline at District 60, and the Boulders Office Park, which encompasses over half a million square feet of suburban office space. Continued investment by the Chesterfield County Economic Development Authority and the private sector should further strengthen the area’s economic fundamentals, support job growth, and enhance demand for high-quality housing in the area.

Reserve South is situated in a quiet residential neighborhood and offers residents a low density, garden style setting. The Property has a swimming pool, a fitness center, outdoor grilling station, sport court, dog park, and resident lounge. The renovation plans for the Property include enhancing the existing amenity set, improving the building exteriors and landscaping, and renovating apartment interiors.

“Our acquisition of Reserve South represents an opportunity to enhance and preserve quality workforce housing at a moderate price point,” said David Lazarus, a Managing Director at LEM. “We believe the Property offers a mix of operational and physical upside while providing downside protection for our investors.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 23-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can create value through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $9.2 billion in real estate value contributing to their expertise in structuring, execution and asset management. This includes acquiring over 27,000 value-add apartment units since 2011.

 Notes: All data as of June 30, 2025, unless otherwise noted.