January 16, 2018

LEM Capital Announces 2018 Acquisition Goals and Recent Investments in Atlanta, Georgia and Orlando, Florida

Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the firm’s 2018 acquisition goals, continuing the firm’s business of partnering with high-quality, local real estate operating companies to acquire value-add multifamily properties. “Our target for 2018 is to acquire between $400 and 500 million of Class B apartment properties located in primary markets on the east and west coasts, the four major cities in Texas, Nashville, Chicago, Minneapolis, Phoenix, Denver and other cities on a select basis,” said Herb Miller, a founding partner of LEM. “In our view, the combination of LEM’s experience, discipline and diligence combined with our local partners expertise and capabilities helps create a strong and reliable partnership that is advantageous in today’s competitive market. We believe that LEM’s willingness to tour properties often before they hit the market and work side by side with our operating partners through the bidding and acquisition process helps us win deals by giving sellers the high level of certainty and ease of execution that they are seeking,” said partner Jay Eisner.”

LEM’s value-add multifamily equity program typically provides up to 85% of the required equity behind the senior mortgage debt, targeting equity investments ranging between $5 million and $20 million per property, with total capitalizations ranging from $20 million to $50 million or higher. “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 renters.  We work closely with our operating partners to develop and implement business plans that seek to create value over our typical 5-year hold period,” said David Lazarus, a partner of LEM.

LEM recently closed two transactions, a $53.3 million acquisition of a 432-unit property in Winter Park, Florida, and a $24.8 million acquisition of a 200-unit property in Atlanta, Georgia.