LEM Capital Closes $12.9 Million Joint Venture Transaction in Andover, Massachusetts

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.”