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Investor Access Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $5.8 million joint venture investment for the acquisition and renovation of Glenbrook Apartments (“Glenbrook”), a 252-unit, garden-style apartment community located in Denver, Colorado. The Property was acquired from the original developer in a joint venture with a locally based, vertically integrated owner-operator focused on multifamily value-add transactions in Colorado. The sponsor’s value-add business plan includes a complete interior unit renovation program, including the installation of washer dryer connections and appliances, improving the exterior curb appeal and common areas, remodeling and repurposing the clubhouse spaces, and upgrading the on-site property management team.
Glenbrook was built in 1985 and features a mix of studio, one and two bedroom units with open floor plans. Glenbrook is situated 12 miles southeast of downtown Denver and adjacent to the Cherry Creek Country Club. The property features convenient access to several of Denver’s most important roadways – the I-225, Route 30 (Havana Street), Route 83 and Route 25 – providing tenants with short commutes to major employment hubs located in the Denver Technology Center, The Fitzsimons Life Science and Anschutz Medical Campus, downtown Denver and the Denver International Airport. The area’s accessibility and profile should continue to improve with the completion of nearby stations stops at the end of 2016 on a new light rail line which will create additional public transit access to downtown Denver and the Anschutz Medical Campus.
“Glenbrook represents a unique opportunity to execute a comprehensive renovation program at a well located property,” said David Lazarus, a partner at LEM. “We are excited to reposition the asset with a well qualified partner and execute a capital expenditure plan that should generate growth in cash flow and value for our investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $10.8 million joint venture investment for the acquisition and renovation of Ashgrove Place (the “Property”), a 208-unit, garden-style apartment community located in Rancho Cordova, a job-centric submarket of Sacramento. The Property was acquired in a joint venture with a repeat LEM sponsor that focuses on multifamily value-add transactions in California and other Western markets. The sponsor’s value-add business plan includes a thorough interior unit renovation program, improving the exterior curb appeal and common areas, supplementing and enhancing existing amenities, and upgrading the on-site property management team.
Ashgrove Place was built in 2006 and features a mix of one, two and three bedroom units with open floor plans. The Property is located on and visible from the Route 50 freeway, which provides easy access to local healthcare, logistics and technology-oriented jobs as well as major employment centers in the central business district and the city of Folsom. Ashgrove Place is proximate to Zinfandel Square, a retail center anchored by Target, Kohl’s, Ross and PetSmart, as well as a nearby Safeway and Walmart. Major employers within a ten-minute drive of the Property include Dignity Health, MSJ Medical Center, Blue Shield, Health Net, VSP Global, Franklin Templeton, the Veterans Administration, NEC, Cisco, Verizon, Kaiser Permanente and various state and federal government agencies. The Property is also proximate to a light rail station that provides a direct connection to downtown Sacramento and Folsom.
“Ashgrove Place provides an opportunity to acquire a newer vintage property located between Sacramento and Folsom in a supply constrained submarket with strong job drivers,” said Herb Miller, a founding partner at LEM. “We are excited to be working with an existing partner that has designed a capital expenditure plan that should reposition the property and help generate growth in cash flow and value for our investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”), has funded a $12.9 million joint venture investment for the acquisition and renovation of Andover Place (the “Property”), a 220-unit, mid-rise apartment community located in Andover, Massachusetts. The Property was acquired in a joint venture with a vertically integrated owner and operator of multifamily properties in New England. The sponsor’s value-add business plan includes a thorough interior unit renovation program, improving the exterior curb appeal and common areas, supplementing and enhancing existing amenities, and upgrading the on-site property management team.
Andover Place was built in 1989 and features a mix of studio, one, two, and three bedroom units with open floor plans. The Property is located approximately 27 miles north of downtown Boston in the town of Andover, which features strong demographics, sought-after schools and high-end single family homes. The Property benefits from convenient highway access to several major highways and a commuter rail stop connecting to major employment drivers in suburban and downtown Boston. Major employers within a short drive of the Property include Vicor, Philips, Pfizer, CGI, Gillette, The Andover Companies, Raytheon and more. In addition, the 1.02 million square foot Mall at Rockingham Park is less than 15 minutes north in tax-free Salem, NH and houses anchor tenants such as Macy’s, Lord & Taylor, Sears and JCPenney.
“We are excited to acquire an undercapitalized asset in a supply constrained submarket in suburban Boston,” said Herb Miller, a founding partner at LEM, “Our contemplated physical upgrades and improvements to property management should generate growth in cash flow and help create value for our investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”), has funded a $10.6 million joint venture investment for the acquisition and renovation of Belvedere Towers (the “Property”), a 238-unit, nine-story high-rise apartment community located in Baltimore, Maryland. The Property was acquired in a joint venture with a locally- focused sponsor that owns and operates a portfolio of multifamily and commercial properties in the greater Baltimore area. The sponsor’s value-add business plan includes transforming the Property’s exterior, remodeling and enhancing the lobby and amenity package, improving the curb appeal, and renovating unit interiors.
Belvedere Towers, which will be renamed as part of a comprehensive re-branding initiative, was built in 1965 and features a mix of studio, one, two, and three bedroom units with open floor plans, including in-unit washer and dryer appliances. Belvedere Towers is located approximately six miles north of downtown Baltimore in between the affluent Roland Park and Mount Washington neighborhoods, which feature strong demographics, sought-after schools and high -end single family homes. The Property benefits from strong drive-by visibility and immediate highway access to the Jones Falls Expressway, and is less than one mile from local employment drivers such as Johns Hopkins at Mount Washington, Mount Washington Pediatrics Hospital, and Sinai Hospital. In addition, nearby entertainment, dining and retail amenities include the Mount Washington Village, the Village of Cross Keys, and neighborhood retail centers that include numerous dining and retail destinations such as Whole Foods Market, Williams Sonoma, Talbots, and Starbucks among others.
“Belvedere Towers is a unique re-positioning opportunity where we can modernize a well-located property by installing contemporary finishes on the property’s exterior, unit interiors and amenities.” said David Lazarus, a partner at LEM. “We are also excited to begin a new partnership with a local, vertically integrated owner and operator that has a proven track record of executing value-add renovations in the Baltimore area.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”), has funded a $17.6 million joint venture portfolio investment for the acquisition and renovation of the following properties (together, the “Portfolio”):
- Chesapeake Bay, a 300-unit property in Newport News, Virginia
- Hanover Crossing, a 220-unit property in Richmond, Virginia
- Wilde Lake, a 190-unit property in Richmond, Virginia
The Portfolio was acquired in partnership with an experienced and vertically integrated local operator that has a professional management platform in each of the property’s submarkets. The sponsor’s value-add business plans include modernizing and transforming the clubhouses, improving property exteriors, enhancing curb appeal and renovating unit interiors. The sponsor also plans to institute professional management practices and a more sophisticated approach to marketing.
Chesapeake Bay, Hanover Crossing and Wilde Lake are garden style properties built in 1986, 1987 and 1989, respectively. Each property features a mix of unit types with washer/dryers, patios/balconies and open floor plans. Chesapeake Bay is located within Newport News’ primary retail corridor and adjacent to City Center at Oyster Point, the MSA’s office hub. Hanover Crossing is located approximately 10 miles north of Richmond in an affluent suburban submarket with top-rated public schools and high barriers to entry. Wilde Lake is located approximately 17 miles northwest of Richmond in the West End submarket, which features high-end retail, well-known restaurants and highly-ranked public schools. Wilde Lake is adjacent to the Short Pump Town Center, the region’s most dynamic open-air retail and entertainment destination.
“The acquisition of Chesapeake Bay, Hanover Crossing and Wilde Lake represented an opportunity to purchase several high quality assets and implement value-add renovation programs with a best in class local operator” said David Lazarus, a partner at LEM. “Each property has the ability to attract a high quality tenant and should combine with a well-calibrated upgrade program to help generate increases in cash flow and value for our investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”), has funded a $13.3 million joint venture investment for the acquisition and renovation of Crestone Apartments (the “Property”), a 234-unit multifamily property in Aurora, Colorado. The Property was acquired in a joint venture with a repeat LEM sponsor that focuses on multifamily value-add transactions in Colorado, California and other Western markets. The sponsor’s value-add business plan includes remodeling and adding amenities to the clubhouse, improving the landscaping, enhancing exterior appeal and renovating unit interiors.
Crestone is a garden style asset that was built in 2002 and features a mix of one, two and three bedroom units with nine foot ceilings, washer/dryer connections and open floor plans that feature eat-in kitchens. The Property is adjacent to a redeveloped regional mall, now replaced with the Gardens on Havana, a 550,000 square foot open air walkable retail and restaurant development anchored by Target, Dick’s, Sprouts and Petco that opened in 2014. Together with a nearby Costco anchored retail center, a Safeway and Lowes, the critical mass of retail in the area helps provide high traffic counts and excellent drive-by visibility for the Property. Crestone is convenient to significant job nodes in the Denver area, including the Denver Tech Center, downtown Denver, Denver International Airport and the Fitzsimons Life Science and Anschutz Medical Campus, the largest medical development in the United States at 578 acres. The Property’s location provides easy access to the I-225, E-470 and Route 83 highways and should benefit from the completion of the I-225 Light Rail Line, projected to be completed winter 2016, which should stop within minutes of the Property and connect to Fitzsimons Life Science Center and Anschutz Medical Campus. Crestone is also situated within the Cherry Creek School District, a well-regarded and highly rated school district which should attract potential tenants to the Property.
“We are excited to acquire a well-located, newer vintage property with rental upside that can be captured by executing a value-add business plan in a market with limited projected inventory growth over the next several years,” said David Lazarus, a partner at LEM. “The newly developed retail surrounding the Property and its close proximity to a growing employment base should enable Crestone to recognize an increase in cash flow and help generate value for our investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”), has funded a $10.2 million joint venture investment for the acquisition and renovation of Eaves Trumbull (the “Property”), a 340-unit multifamily property in Trumbull, Connecticut. The Property was acquired in partnership with a locally based, vertically integrated owner/operator that manages more than 2,000 multifamily units throughout Connecticut. The sponsor’s value-add business plan includes remodeling the clubhouse, improving landscaping, enhancing exterior appeal and renovating unit interiors.
Eaves Trumbull is a garden style asset that was built in 1997 and features a mix of one, two, and three bedroom units with spacious flat and loft style unit layouts. The Property is centrally located in Trumbull, which is situated within upper Fairfield County. Trumbull boasts strong demographics and highly rated school districts. The Property is located with direct access to the Merritt Parkway and Route 8, offering convenience to both New York and Connecticut destinations. Major employers located in the area include Sikorsky Aircraft, Unilever, Bic Corporation, United Healthcare, People’s United Bank and Marriott. Eaves Trumbull is nearby to Sacred Heart University, Fairfield University and University of Bridgeport as well as being proximate to the Westfield Trumbull Mall, which houses national anchor retailers such as Lord & Taylor, Macy’s, Best Buy and Kohl’s.
“After completing the value-add renovation program and installing a more attentive management team, Eaves Trumbull has the potential to improve its competitive position within its submarket” said Herb Miller, a partner at LEM. “The lack of new supply in the market and submarket combined with the Property’s proximity to strong employment drivers should enable Eaves Trumbull to attract a high quality resident and generate value for our investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”), has funded a $9.2 million joint venture investment for the acquisition and renovation of Royal Oaks (the “Property”), a 231-unit multifamily property in Eagan, Minnesota. The Property was acquired in partnership with a locally based, vertically integrated owner/ operator that owns more than 9,000 multifamily units. The sponsor’s value-add business plan includes painting the exteriors, upgrading landscaping, remodeling the clubhouse and renovating interiors.
Royal Oaks is a garden style asset that was built in 1987 and features a mix of one- and two-bedroom units with spacious walk out balconies. The Property is centrally located in Eagan and highly accessible to several major arteries, including I-35E, I-494 and Route 77, which connect Eagan to downtown Minneapolis and St. Paul. Together, the Twin Cities are home to the corporate headquarters of sixteen Fortune 500 companies. Eagan is also home to numerous employers, including the headquarters of Thomson Reuters and Blue Cross Blue Shield of Minnesota, Ecolab, USPS and UPS. Royal Oaks features proximity to quality retail outlets, including a nearby shopping center anchored by an upscale supermarket and a 450,000 square foot mixed-use retail and medical office project which is scheduled to open in the fall of 2016.
“We are excited to announce the acquisition of Royal Oaks with a new operating partner in a vibrant submarket of the Twin Cities,” said Jay Eisner, a partner at LEM. “The plan to enhance the Property’s exteriors, upgrade unit interiors and fully remodel the clubhouse and fitness center should drive increases in cash flow and help create value for our investors.”