July 10, 2024

LEM Capital Acquires Multifamily Property in Longmont, CO

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Trail Ridge Flats and Townhomes (the “Property”), a 102-unit property formerly known as Eastglen Apartments, built in 1996 in Longmont, CO (“Longmont”).  LEM plans to execute a value-add business plan that will improve the Property’s unit interior finishes while simultaneously enhancing the existing amenity set and exteriors. The Property was acquired through a joint-venture partnership with a locally based operating partner.

Situated within the Boulder, CO MSA, the Property benefits from easy access to downtown Boulder via State Highway 119. Residents are a short drive away from some of the region’s top employers, including various aerospace and engineering firms, climate tech companies, and other rapidly growing sectors. Furthermore, the growth restrictions that exist in most of Boulder County have put significant housing demand pressure on Longmont as it remains one of the only relatively affordable places to live in the Boulder area. The Property is within walking distance to Longmont’s Main Street, which offers a vibrant walkable pedestrian area and is home to a variety of shops, restaurants, and entertainment venues.

Trail Ridge Flats and Townhomes features an attractive unit mix of one-bedroom flats and unique two story “townhome style” floorplans which differentiate the Property amongst the competitive set. The business plan also contemplates the addition of a leasing center, a playground, grill & BBQ areas, enhancing the pool deck, and a complete rebranding of the Property.

“We are very excited about the opportunity to acquire a well-located property with significant management and physical upside in Boulder County,” said David Lazarus, a Managing Director at LEM. “The Boulder MSA continues to benefit from robust employment growth and offers residents a high quality of life, especially for individuals seeking access to world class outdoor recreation opportunities.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 22-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 to help 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 approximately $1.8 billion in investor commitments and invested over $9.1 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 March 31, 2024, unless otherwise noted.