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Investor Access Philadelphia, PA – LEM Capital, L.P. (“LEM”) is pleased to announce the hiring of Christopher Klare as Director – Capital Markets to lead the firm’s investor relations and marketing efforts. In his new role, Chris will coordinate communications, marketing and relationship building efforts with LEM’s existing and prospective investors. “Chris brings a strong real estate background – particularly in the multifamily sector – and an excellent network of relationships in the institutional investor community that will help enhance our ability to meet the needs of our existing investor base and raise LEM’s profile,“ said Herb Miller, a founding partner at LEM.
Mr. Klare joins the firm from Grosvenor Fund Management where he was Director of Capital Markets and Client Services within the firm’s international capital raising team. Previously at the Tuckerman Group, now part of Hunt Investment Management, Chris was involved in fundraising, investment underwriting and origination, and portfolio management, including multifamily properties held in the firm’s various investment vehicles. Speaking about his new position at LEM, Chris noted “I am excited to be part of LEM’s strategy of investing in multifamily, value- add transactions with current cash flow and strong upside potential and look forward to meeting the needs of both our current and future investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the successful final close of the firm’s third private equity fund (“Fund III”), with $226 million of capital commitments from state, municipal and union pension plans, endowments, foundations, family offices and high net worth investors. With the closing of Fund III, LEM’s committed capital from its three funds now totals more than $690 million.
“We appreciate the support we received from our limited partners in this fundraising,” said LEM founding partner Herb Miller. Fund III continues LEM’s business of investing senior equity with high-quality, local real estate operating companies, to acquire multifamily value-add properties. Fund III has invested $115 million of equity in 23 multifamily properties with over 4,600 units located in Florida, Texas and Southern California, and continues to target transactions with total capitalizations ranging from $20 million to $50 million. LEM targets infill locations in markets on the east and west coasts, the four major cities in Texas, Chicago, Denver, Minneapolis and other cities on a select basis.
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $690 million of committed capital, has funded $3.7 million for the acquisition and upgrade of Cottages at Well Branch (“Cottages” or “the Property”), a 167-unit apartment complex in the Wells Branch submarket of Austin, Texas. The deal was acquired in partnership with one of LEM’s existing operating partners who focuses on multifamily value-add transactions in the major Texas markets. The business plan contemplates a value-add strategy that will raise rents by addressing deferred maintenance, improving curb appeal, instituting more professional management practices, upgrading amenities and refreshing unit interiors .
Cottages at Wells Branch, which was built in 1984, features a mix of one and two bedroom units, including lofts and townhomes which are unique floor plans in the submarket. The property features a range of on-site amenities including an outdoor pool, clubhouse, sundeck and fitness center, all of which will be improved and enhanced as part of the value-add business plan. The property is well located in the Wells Branch submarket, with excellent motorway and public transportation access to Austin’s most important suburban and urban job hubs. The regional headquarters for Hewlett Packard, Hospira, and Harte-Hanks, which collectively house 3,500 employees, are within walking distance of the property.
“Our sponsor plans to drive value at Cottages by transforming the property’s exterior and enhancing curb appeal to attract tenants” said David Lazarus, a principal at LEM. “The property’s high visibility in a submarket which offers easy access to Austin’s dynamic job markets, along with our renovations should allow us to increase income and enhance the value of our investment over time.”
LEM Capital, L.P. (“LEM”), a real estate fund manager based in Philadelphia, has invested over $110 million of equity in 23 multifamily properties with over 4,600 units since it began investing its third private equity fund in March 2012. All of the investments involve a value-add strategy, which typically includes interior and exterior renovations as well as a significant focus on upgrading each property’s clubhouse and amenity package. LEM invests with operating partners that have strong local market knowledge combined with experience renovating, repositioning and managing multifamily properties. LEM seeks properties valued at $10 million to $50 million where their equity investment is in the $3 million to $10 million range per property. They will consider larger investments on a case by case basis.
“We have been pleased with the market’s response to our senior equity structure, which gives our operating partners a more generous promote structure on our capital and allows them to capture more of the upside in the deal and earn higher returns,” said Herb Miller, a founding partner at LEM.
The firm’s recent closings include a 200-unit apartment complex located in the Harbor City area of Los Angeles, California, a 168-unit complex located in Tomball, Texas and a 360-unit complex located in Orlando, Florida. All of the properties are in strong, infill submarkets with proximity to multiple job drivers and employment hubs. “All three of these transactions were with existing operating partners. Our philosophy is to build long-term relationships and be a reliable source of equity for our partners as they grow their portfolios,” said Jay Eisner, a founding partner of the firm.
Looking forward to 2014, LEM remains bullish on multifamily fundamentals. “We remain focused on institutional quality investments in primary markets on the East and West Coasts, in Texas, the Southeast and Chicago. With the continued support of our operating partners, we hope to meet our goal of investing $100 million of equity in 2014,” said David Lazarus, a principal at the firm.
LEM Capital, L.P. (“LEM”) has funded a $4.0 million joint venture investment for the acquisition and upgrade of an apartment complex in Garland, Texas. The venture acquired Brentwood Trace, a 198-unit multifamily property, completing a five property portfolio acquisition totaling 969 units including four other properties in Round Rock and San Antonio, Texas. The portfolio represents the fourteenth value-add multifamily investment that LEM has made in the past 15 months. Plans are to execute a value-add strategy at the property which will include updating and upgrading the exteriors including signage, landscaping, and amenities; interior unit upgrades including new appliances, flooring, fixtures and lighting packages; and addressing deferred maintenance issues via roof and other exterior repairs.
Brentwood Trace was built in 1983 and features a mix of one and two bedroom units. A complete package of on- site amenities includes a renovated pool, fitness center, jogging trail and BBQ grills. Brentwood Trace is well located in Garland, Texas, close to major employers in Richardson and Plano including AT&T, Bank of America, Blue Cross Blue Shield, Ericsson, Raytheon and Fujitsu. LEM’s operating partner is a strong owner-operator with a portfolio of over 27,000 units located throughout the southeastern United States. The portfolio is LEM’s second joint venture with this sponsor.
“Our value-add strategy for the entire portfolio includes property upgrades and bringing on our partner’s hands-on management team” said Herb Miller, a founding partner at LEM. “Each asset has strong upside potential due to their infill locations and employment rich submarkets.”
LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $670 million of committed capital, has funded a $7.9 million joint venture investment for the acquisition and upgrade of an apartment complex in North Arlington, Texas. The venture acquired Verandahs at Cliffside, a 538-unit multifamily property. Plans are to execute a value-add strategy for the property which will include updating and upgrading the exteriors and interiors as well as enhancing the amenity package and landscaping to capitalize on the property’s unique bluff-side views.
Verandahs was built in two phases in 1986 and in 1992 and features a mix of one and two bedroom units and an extensive package of on-site amenities, including two outdoor swimming pools, one indoor/lap pool, hot tub, clubhouse/leasing center with a kitchen, fitness center, BBQ area, dog walk area, sand volleyball court and scenic vistas across the Trinity River and the River Legacy Park System. Verandahs is located on NE Green Oaks Boulevard, less than two miles from Highway 360 and I-30. The property is well situated in an infill location within the North Arlington submarket, bordering the new Viridian planned community development to the north. The location provides convenient access to major employment centers throughout the region including the DFW International Airport, American Airlines Headquarters, Bell Helicopters, General Motors Assembly Plant, UT Arlington, Arlington’s Entertainment District, downtown Fort Worth and downtown Dallas. LEM’s operating partner in the transaction is an experienced sponsor with a portfolio of 18 properties in the greater Dallas/Fort Worth Metroplex. This will be LEM’s first joint venture with this sponsor.
“Executing a value-add strategy with an experienced and capable local sponsor is the foundation of our investment strategy,” said David Lazarus, a principal at LEM. “With new management in place and a well-conceived renovation plan, the property offers strong upside potential going forward.”
LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $670 million of committed capital, has funded a $16.3 million joint venture investment for the acquisition and upgrade of a four apartment portfolio in Texas. The portfolio totals 771 units, with 388 units in two properties in Austin, Texas and 383 units in two properties in San Antonio. Plans are to execute a value-add strategy at each property which will involve updating the exterior and unit interiors, renovating the clubhouse and improving and enhancing amenities.
The properties are situated in major markets in Texas, and each features an in-fill location with strong highway access and proximity to diverse employment drivers. The properties were built in the early 1980’s and consist of a mix of one and two bedroom units with various on-site amenities including swimming pools, clubhouses, fitness centers and BBQ areas. The two properties located in the Austin, which will be rebranded as Landmark at Amelia Ridge and Landmark at Auburn Manor, are located close to significant employers in Round Rock, including Dell Computer and many large healthcare and technology firms. The San Antonio assets, to be known as Landmark at Stratton Park and Landmark at Atrium Commons, are located 10 miles northeast and northwest of downtown San Antonio, respectively, and provide tenants easy access to local employment opportunities at the Airport and Medical Center complexes. LEM’s operating partner is a strong owner-operator with a portfolio of over 50 assets and over 18,000 units located throughout the southeastern United States. This will be LEM’s second joint venture with this sponsor.
“The portfolio properties’ in-fill locations and proximity to strong employment drivers attracted LEM to this transaction” said Herb Miller, a founding partner at LEM. “Our operating partner’s proven management expertise and past experience implementing similar value-add strategies offered a compelling investment opportunity.”
LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $665 million of committed capital, has funded a $3.8 million joint venture investment for the acquisition and upgrade of an apartment complex in Houston, Texas. The venture acquired Tivoli Apartments, a 157-unit multifamily property. Plans are to execute a value-add strategy for the property which will include updating and upgrading the exteriors and interiors and enhancing the property’s amenity package.
Tivoli, which was built in 2000, features a mix of one and two bedroom units and a complete package of on-site amenities, including a resort style swimming pool and clubhouse, fitness center, business center and a BBQ area. The property is well located in the Champions submarket, adjacent to the Vintage Park Shopping Center and close to the future headquarters of Noble Energy, where a planned 20-story office tower will create a corporate campus spanning nearly 1 million square feet of office space for the Houston-based energy firm. The location also features highly rated public schools, multiple local employment drivers as well as convenient access to major employment centers throughout the region including the Woodlands and downtown Houston. LEM’s operating partner in the transaction is an experienced sponsor with a portfolio of over 30 properties in Texas, including 13 properties located in Houston. This will be LEM’s first joint venture with this sponsor.
“Establishing a new relationship with an experienced multifamily operator with strong local market knowledge is the most important component of our value-add investment strategy,” said David Lazarus, a principal at LEM. “As our sponsor completes renovations at the property and improves operations, this well located asset should be well positioned for future growth.”
LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $665 million of committed capital, has funded a $4.3 million joint venture investment for the acquisition and upgrade of an apartment complex in Austin, Texas. The venture acquired The Palms at Walnut Creek, a 284 unit multifamily property which will be rebranded as the Creekstone Apartments. The joint venture plans a value-add strategy for the property including both exterior and interior upgrades designed to capitalize on the property’s infill location near significant employment drivers.
Creekstone Apartments, which was built in 1999, is situated in the heart of the Walnut Creek Business Park, a hub for logistics, public sector and technology employment which provides strong access to Austin’s interstate highway system. The property is close to the recently expanded Interstate 290, and due to the property’s central location with the Austin metropolitan area, tenants have easy access to significant employment centers throughout the region.
Upgrades planned include exterior painting and amenity enhancements, and apartment interiors will benefit from new appliances, flooring, fixtures and the installation of washers and dryers in select units. LEM’s operating partner in the transaction is an experienced sponsor who has acquired or developed over 3,900 multifamily units across 17 properties in Texas, including several in the Austin market. This will be LEM’s first joint venture with this sponsor.
“We are pleased to establish a new relationship with an experienced value-add operator with an established presence in the market,” said David Lazarus, a Principal at LEM. “Improvements planned for the property should allow the property to capitalize on the positive economic drivers fueling continued growth in Austin.”
LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $590 million of committed capital, has funded a $6.2 million joint venture investment for the acquisition and upgrade of an apartment complex in La Habra, California. The venture acquired Il Pompeii Apartments, a 111 unit multifamily property. Plans are to execute a value-add strategy for the property which will include updating and upgrading the exteriors and amenities and construction of a new fitness as well as interior unit upgrades including new appliances, flooring, fixtures and lighting packages. The property will be rebranded Monterra Springs.
The Monterra Springs complex, which was built in 1969, features a mix of one, two and three bedroom units and a complete package of on-site amenities, including a swimming pool, clubhouse, laundry facilities and three spacious courtyards. The Property is well located in Orange County, near the border of Los Angeles County, and provides convenient access to major employment centers throughout the region. The property fronts Beach Boulevard, a major North/South thoroughfare and is located adjacent to the submarket’s primary retail center which contains over 1.1 million square feet of quality big box and convenience store space. A repeat LEM client, LEM’s operating partner in the transaction is an experienced sponsor with a portfolio of over 70 properties in California, including several located in Orange County. This is the eleventh transaction LEM has closed with this partner.
“Our operating partner’s business plan updates and modernizes both the exteriors and interiors of this well located asset and increases the property’s visibility along a heavily traveled artery in Orange County,” said Herb Miller, a founding partner at LEM. “Implementing a value add plan should enhance the property’s appeal in the market and create strong upside potential.”