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LEM Capital Recapitalizes Glendale, AZ property

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Paseo Park Apartments (the “Property”), a 480-unit apartment community located in the Glendale submarket of Phoenix that was built in 1987 and 1996.  LEM plans to execute a comprehensive value-add business plan to upgrade the Property’s interiors, exteriors, and amenities.  The Property was acquired through a recapitalization transaction with a repeat local operating partner.

The Northern Glendale submarket is a suburban area in the northwest quadrant of the Phoenix Metro area that has rapidly transformed over the past decade.  The Property’s West Valley location is known for its affordable cost of living¹ and features newly developed retail amenities, professional sports complexes and a diverse mix of businesses and jobs.² The Property’s location is walking distance to both the Thunderbird Banner Medical Center, which employs over 3,000 people, ASU’s West Campus, and provides quick access to Interstate 17 which connects Glendale to Downtown Phoenix.²

Paseo Park features a desirable mix of one-, two- and three-bedroom floorplans which should attract a broad base of renters.  The business plan includes a comprehensive interior renovation designed to provide luxury-style finishes at an affordable price point, as well as upgrades to the pool decks, modern signage, and additional lighting enhancements along the road frontage designed to increase the Property’s curb appeal.

“Paseo Park represents a unique opportunity to recapitalize a well-maintained Property with one of our most successful long-term operating partners,” said David Lazarus, a Managing Director at LEM.  “The Property has significant physical upside and great frontage on a heavily trafficked road and we believe that the positive demographic trends in the submarket and the Phoenix MSA bode well for Paseo Park.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 19-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 add value and increase rents 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 local partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised over $1.3 billion in investor commitments³ and has acquired over 23,000 value-add apartment units since 2011.⁴

Notes: 1 – Comparison of cost of living in North Glendale, AZ market versus Nation. 2 – Offering Memorandum, Park at 33^rd, IPA. 3 – As of June 30, 2020. 4 – As of April 16, 2021.

LEM Capital (“LEM”) is seeking a high-energy, self-motivated individual with an entrepreneurial spirit to be an Analyst on the Investor Relations team, which is primarily responsible for marketing the firm’s managed private equity funds and communicating with the firm’s existing investor base. This individual will have the opportunity to join a successful and growing organization where he/she will gain exposure to a broad universe of institutional, family office and high net worth investors as well as multifamily real estate transactions nationwide.

Duties will include working closely with the Investor Relations team and other senior executives to prepare and develop marketing and due diligence materials for various business verticals of LEM, coordinate preparation of investor communication materials to include quarterly letters and annual meeting presentations and drive internal marketing update presentations, research new potential investors, respond to ongoing reporting requests from existing investors, and respond to informational requests from potential investors.

RESPONSIBILITIES

Primary areas of focus include:

• • Collect and synthesize information from external research and LEM Acquisitions, Asset Management and Portfolio Management teams to update investor presentations and LEM website.
• • Create investor communication materials and participate in investor reporting processes to include responding to ongoing informational requests and coordinating creation of quarterly letters and annual meeting presentations.
• • Help prepare for investor outreach strategy meetings by creating internal capital raising update presentations.
• • Collaborate with the team to develop press releases and social media content and continue to expand the LEM brand.
• • Research and engage with potential investors and consultants to determine correct point of contact, allocation strategy and existing investments.
• • Research active Requests for Proposals from prospective investors.
• • Coordinate and prepare LEM responses to Requests for Proposals and Due Diligence Questionnaires.
• • Maintain and update LEM internal investor database and data room.
• • Update third party and consultant databases and respond to update inquiries on a quarterly basis or as material changes occur.

QUALIFICATIONS 

• • Bachelor’s degree required.
• • Ideal candidate will have 0 to 3 years of experience in a business setting. Experience at a financial services firm and/or a basic understanding of real estate is preferred.  Undergraduate candidates with relevant intern and/or academic experience will also be considered.
• • Proficiency in Microsoft Excel, Word and PowerPoint.
• • Ability to communicate clearly and concisely both orally and in writing and comfortable engaging with internal and external contacts.
• • Strong quantitative, research and analytical skills.
• • Team player who works well with others, is entrepreneurial, proactive, self-directed and conscientious and assumes accountability and responsibility for specific performance and work product.
• • Process-oriented and highly organized with strong attention to detail and the ability to manage multiple projects simultaneously.
• • Ability to grow within the role and take on increased responsibilities.
• • Position will require some travel and is based in Philadelphia.

Competitive base salary and annual bonus and long-term compensation based on individual and firm performance. We also offer an attractive benefits package including Health and Dental, Long and Short Term Disability, Life Insurance, 401K Plan, Paid Holidays and generous Paid Time Off benefits.

LEM CAPITAL

LEM Capital is a real estate private equity firm made up of multifamily experts who acquire well-located apartment properties where they can add value and increase rents through physical upgrades and improving property management. LEM’s approach is to combine the local, long-term market knowledge and day-to-day management of its nationwide network of operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight. Our goal is to deliver attractive risk-adjusted returns to our investors while safeguarding their capital. Since 2002, LEM has raised over $1.3 billion in investor commitments and invested in almost 23,000 value-add apartment units since 2011.

Please e-mail resumes to hr@lemcapital.com  Subject line: MARKETING ANALYST

No phone calls.

LEM Capital (“LEM”) is seeking a high-energy, self-motivated individual with an entrepreneurial spirit to become a member of the portfolio management team.  The Analyst will play an integral role in monitoring and driving the performance of an active and expanding multifamily investment portfolio and will have the opportunity to join a successful and growing organization where he/she will gain broad exposure to value-add multifamily real estate transactions nationwide.

Duties will include working closely with the asset management, investor relations and acquisitions teams to monitor and evaluate trends and data to make informed recommendations on the strategy for the owned portfolio and for new acquisitions. The Analyst will be responsible for developing and maintaining fund models for multiple private equity real estate funds, managing portfolio data, undertaking other analyses and clearly communicating information and projections to internal and external constituents.

RESPONSIBILITIES

Primary areas of focus include:

• • Update, enhance, and maintain detailed fund models used for capturing historical asset and fund-level performance and projecting forward-looking fund performance.
• • Manage and leverage property and portfolio software tools and the data that feeds into them to prepare dashboards that can be used across multiple facets of the organization to make informed investment decisions.
• • Collaborate with Portfolio Management team and broader teams to identify new ways to utilize dashboards.
• • Coordinate data and information to assist Investor Relations in responding to various consultant questionnaires and investor requests.
• • Conduct research on existing markets in the portfolio as well as working with the Originations team to research and identify potential new target markets.
• • Continually improve financial models and processes to increase efficiencies and streamline the accessibility of portfolio information.
• • Preparation of white papers, thought leadership initiatives, and other marketing materials.
• • Provide analytical support to Asset Management to assist with strategic investment decisions within the portfolio, including refinancing and disposition analyses.

QUALIFICATIONS

• • Bachelor’s degree required, preferably with a major in finance, real estate, accounting or economics.
• • Ideal candidate will have 0 to 3 years of experience working with a real estate company, a private equity fund or a financial services firm.
• • Understanding of real estate investment and financing processes including, but not limited to, market analysis, financial analysis, property valuation and capital markets.
• • Team player, who works well with others, is organized, proactive, self-directed, conscientious and assumes accountability and responsibility for specific performance and work product.
• • Strong organizational skills and attention to detail with the ability to manage multiple projects simultaneously.
• • Ability to communicate clearly and concisely both orally and in writing.
• • Ability to identify opportunities and risks that could adversely affect the portfolio and recommend strategic solutions.
• • Strong quantitative and analytical skills.
• • Strong Microsoft Excel modeling capabilities.
• • Ability to grow within the role and take on increased responsibilities.
• • Position may require some travel and is based in Philadelphia, PA.

Competitive base salary and annual bonus and long-term compensation based on individual and firm performance. We also offer an attractive benefits package such as Health and Dental, Long and Short Term Disability, Life Insurance, 401K Plan, Paid Holidays and generous Paid Time Off benefits.

LEM CAPITAL

LEM Capital is a real estate private equity firm made up of multifamily experts who acquire well-located apartment properties where they can add value and increase rents through physical upgrades and improving property management. LEM’s approach is to combine the local, long-term market knowledge and day-to-day management of its nationwide network of operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight. Our goal is to deliver attractive risk-adjusted returns to our investors while safeguarding their capital. Since 2002, LEM has raised over $1.3 billion in investor commitments and invested in almost 23,000 value-add apartment units since 2011.

Please e-mail resumes to hr@lemcapital.com   Subject line: ANALYST PORTFOLIO MANAGMENT

No phone calls please.

Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the achievement of several important milestones in 2020 and its acquisition objectives for 2021.

2020 Accomplishments

2021 Goals

“In 2020, we remained focused on disciplined value creation and downside protection through the growth of our value-add multifamily portfolio and the growth of our team. In 2021, we aspire to maintain this focus by expanding our footprint in our target markets and further developing our Operating Partners relationships,” said Herb Miller, Co-Founder and Managing Partner of LEM.

LEM’s value-add multifamily investment program targets equity investments ranging between $5 million and $25 million per property, with total capitalizations ranging from $35 million to $90 million. “LEM’s value-add business plans typically contemplate upgrades to apartment interiors, common areas and a particular focus on the amenities with the goal of providing a ‘like-new’ experience at a moderate price point for the average working-class American renter.  We work closely with our Operating Partners to help them source and win deals and then work side by side to develop and implement business plans that seek to create value over our typical 4-5-year hold periods,” said Allison Bradshaw, a Partner of LEM.

“Our firm has always focused on downside protection and investing in an asset class that have the ability to outperform in both up and down economic cycles. In 2011, we elected to invest in Class B suburban multifamily properties due to the sector’s historically low volatility, which was once again proven over the last ten months during the economic downturn caused by the COVID-19 pandemic,” said Jay Eisner, Co-Founder and Managing Partner of LEM, “2020’s results bring our total volume of transactions since 2011 to a total of 98 properties acquired and 63 sold since 2011.” Since the firm was founded in 2002, LEM has raised over $1.3 billion of committed capital.¹

About LEM Capital

LEM Capital is a real estate private equity firm with an 18-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 add value and seek to increase rents 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 over $1.3 billion in investor commitments and has acquired nearly 23,000 value-add apartment units since 2011.²

Notes: 1 – As of June 30, 2020. 2 – As of November 25, 2020.

Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the effective disposition of seven properties totaling 1,700 units during the fourth quarter of 2020. These transactions, which traded in suburban markets across the United States including Denver, Baltimore, Sacramento and Minneapolis, had a total sales price of $382 million. Over the past two years, LEM has completed twenty dispositions, with a total sales price of over $900 million including fourteen sales in 2020, despite the slowdown in investment activity due to the COVID-19 pandemic. “While the markets paused briefly in the second quarter due to uncertainty around the pandemic, we have not seen any distressed sales in the suburban multifamily sector, especially in the markets where we invest,” said Greg Biester, Director and Head of Asset Management for LEM. “Heading into 2021, we are looking forward to leveraging our distinct knowledge of the markets in which we invest to help identify and execute on unique multifamily investment opportunities.”

Since 2011, LEM has acquired 98 multifamily properties consisting of almost 23,000 units and sold 63 assets. LEM anticipates bringing additional properties to market at the beginning of the new year.

“On the acquisition front, we acquired three value-add multifamily properties in the fourth quarter, one in Charlotte, North Carolina, one in Richmond, Virginia, and the third in Tampa, Florida” said Allison Bradshaw, Managing Director and Head of Acquisitions at LEM.  “December is historically a pretty slow month for new transactions but we have several interesting deals in the pipeline that could potentially close in the first quarter.“ The LEM team is continuing to actively monitor its target markets and economic conditions, looking for compelling and unique opportunities to add to its portfolio.

LEM invests in apartment properties located in primary and secondary suburban markets on the east and west coasts, the four major cities in Texas, Phoenix, Denver, Minneapolis, Chicago, Nashville and other cities on a select basis. “We invest and partner with locally based, best-in-class operating partners, who we believe really have the pulse of the market,” said Jay Eisner, Managing Partner of LEM. “These relationships, which we are constantly looking to expand and grow, act as an extension of our team helping us identify unique investment opportunities in today’s competitive market.”

LEM Capital Acquires Tampa, FL Property

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Century Cross Creek (the “Property”), a 297-unit apartment community that was built in 2008 and 2014. The Property, which was re-branded Parq at Cross Creek, is located in the fast-growing New Tampa/Tampa Palms submarket. LEM plans to execute a comprehensive value-add business plan to upgrade the Property’s interiors, exteriors, and amenities. The Property was acquired in partnership with a repeat local operating partner.

The New Tampa/Tampa Palms submarket is a suburban area in the northeast quadrant of the Tampa Bay Metro area that has rapidly transformed over the past two decades. The area is known for its many master-planned mixed-use communities, golf courses, parks and retail centers. The location is proximate to Interstate 75, via Bruce B. Downs Boulevard or Morris Bridge Road, which provides connectivity to over 17.7 million sf of corporate office space, all within a 12-mile radius.

Parq at Cross Creek features generous apartment floor plans, with 9-foot ceiling and modern, open kitchen layouts. Additionally, units have extra-large screened-in porches, which is a unique feature in the market. LEM believes that there is an opportunity to substantially upgrade interiors to create best in class units. The business plan also includes a comprehensive exterior and amenity renovation to dramatically expand the clubhouse facility, improve the exterior curb appeal and overall entrance experience, create a resort style pool deck, and improve landscaping throughout the Property.

“We are excited about the opportunity to acquire a well-built property in a desirable and dynamic submarket of Tampa,” said Allison Bradshaw, a Managing Director at LEM. “The Property’s operations have held up well throughout 2020, proving the resiliency of the Tampa MSA. We anticipate that the market will likely continue to benefit from in-migration and favorable employment drivers, which should help support demand for the post-renovated product at Parq at Cross Creek.”

LEM Capital Acquires Richmond, VA Property

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Courthouse Green Townhomes (the “Property”), a 1974 vintage, 266-unit apartment community located in suburban Richmond.  LEM plans to execute a comprehensive value-add business plan to upgrade the Property’s interiors, exteriors, and amenities.  The Property was acquired in partnership with a repeat local operating partner.

Courthouse Green is located in the Chesterfield County submarket of Richmond and offers walkability to two million square feet of office space as well as the area’s public elementary and high schools.  The submarket is in Richmond’s path of growth and has benefited from the completion of highway infrastructure linking Chesterfield County to Richmond’s major employment and retail nodes.  Residents of Courthouse Green also benefit from the recent completion of several nearby and high-quality retail centers with such destination tenants as Kroger, Walmart, Food Lion, Chipotle, Starbucks, and First Watch.

Courthouse Green consists of 100% townhome style floor plans with oversized patios in a desirable low-density setting. LEM believes that there is an opportunity to upgrade interiors and install washer/dryer machines to create best in class units.  The Property will also undergo a comprehensive exterior and amenity renovation that will expand the fitness center, upgrade the leasing office, create a business center, improve the exterior curb appeal, create a resort style pool deck, and improve landscaping.

“We are excited about the opportunity to invest in the Richmond market as it is supported by a diversified and stable job base and high barriers to entry for new construction” said Josh Grossman, a Managing Director at LEM. “We anticipate that the Property’s unique combination of townhome style floor plans, a low density setting and a desirable location proximate to schools and retail will be attractive to prospective residents and allow us to create value for our investors.”

PRESS RELEASE – FOR IMMEDIATE RELEASE

LEM Capital Announces Third Quarter Capital Markets Activity

Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the effective disposition of five properties during the third quarter of 2020 with a total sales price of $234 million. These sales are in addition to two dispositions completed in the first half of the year and six completed in 2019. The first sale completed in the third quarter, Vine, a 420-unit property located in Arlington (Dallas), TX, closed in August. The Virginia Portfolio, a three-property 710-unit portfolio located in Richmond and Newport News, VA, sold to a single buyer in mid-September and the most recent disposition was the sale of Atlantic Peachtree Corners, a 420-unit property located in Norcross (Atlanta), GA.

The buyers’ profiles have varied from regional operators to larger institutional owners with a national presence. “The notion of distressed selling or pricing discounts for multifamily properties is not something we have experienced so far,” said Greg Biester, Director and Head of Asset Management for LEM. “On the contrary, we have seen pricing at or above our pre-COVID internal valuations indicating that there continues to be strong demand and meaningful amounts of capital chasing multifamily opportunities especially with the current low interest rate environment, the relative attractiveness and availability of debt, all of which should continue to support the demand for multifamily investments.^”

Since 2011, LEM has acquired 96 multifamily properties and sold 56 assets, with 6 dispositions taking place post-COVID. Currently, LEM is actively marketing or negotiating the sale of 8 additional properties with more potential sales on the horizon.

“On the acquisition front, in July we acquired a value-add multifamily property in Phoenix. The deal was negotiated off-market after the initial buyer fell out of contract in early April,” said Allison Bradshaw, Managing Director of LEM.  “We have two additional properties currently under control and through Investment Committee, and they are expected to close in October. We are in due diligence on several other properties, as well.“ The LEM team is continuing to actively monitor its target markets and economic conditions, looking for compelling and unique opportunities to add to its portfolio. Recently, LEM temporarily moved a member of its Acquisitions Team to Florida to cover the market while reducing back-and-forth travel from the Philadelphia office.

LEM invests in apartment properties located in primary and secondary suburban markets on the east and west coasts, the four major cities in Texas, Phoenix, Denver, Minneapolis, Chicago, Nashville and other cities on a select basis. “We invest and partner with locally based, best-in-class operating partners, who really have the pulse of the market,” said Jay Eisner, Managing Partner of LEM. “These relationships, which act as an extension of our team, have helped us identify unique investment opportunities in today’s competitive market.”

About LEM Capital

LEM Capital is a real estate private equity firm with an 18-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 add value and seek to increase rents 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 over $1.3 billion in investor commitments and invested over $7.7 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 22,000 value-add apartment units since 2011.¹

Notes: 1 – As of July 22, 2020.

Click here to see the LEM Multifamily Fund V Tombstone

LEM Capital Acquires Tempe, AZ property for $62.5 million

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Signature Place (or the “Property”), located in Tempe, AZ and built in 1996. The acquisition included 300 units of the 440-unit condominium community. The Property, which was re-branded San Marino, is located in the South Tempe submarket of Phoenix that features significant barriers to entry, a relatively limited apartment stock, and no new supply in the pipeline due to the lack of buildable sites. Residents of San Marino enjoy accessibility to Downtown Phoenix via I-10, a major north-south highway that connects Downtown to Tempe and Chandler, as well as access to Scottsdale and Paradise Valley via the Loop 101. The Property also benefits from proximity to major employment hubs in Downtown Tempe, the Sky Harbor Airport, and Chandler – all within a 10 to 15-minute drive. The Phoenix metro is experiencing robust economic growth and South Tempe’s desirable location proximate to a diverse set of employment nodes allows it to benefit from these dynamics.

San Marino offers residents an idyllic, low-density setting with large floorplans and Class A amenities including two resort-style swimming pools, a fitness center, racquetball court, a lighted tennis court, and outdoor grilling areas. The Property was acquired from a Canadian-based investment group whose business plan was primarily focused on modest improvements to unit interiors, creating the opportunity to enhance the seller’s interior renovations, renovate classic units and significantly improve the Property’s amenities and exteriors through improved landscaping, upgrades to the fitness center, clubhouse and outdoor amenity spaces, rebranding the asset and improving signage. On a post-renovated basis, the Property should attract tenants in the area looking for Class A interiors and amenities at a discount to newer construction.

“We are very excited about the opportunity to acquire a well-built property in a desirable and infill neighborhood with high barriers to entry,” said David Lazarus, a Managing Director at LEM. “The Phoenix MSA has outperformed many other markets during the COVID pandemic and forecasts for continued in-migration and job growth should support demand for high quality housing at a relatively affordable price point.”