July 12, 2018
LEM Capital closes $16.3 million joint venture transaction in Boynton Beach, FL
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $16.3 million joint venture investment for the acquisition and renovation of Verona at Boynton Beach (“Verona” or the “Property”), a 216-unit garden-style apartment community which was formerly known as Aventine at Boynton Beach. Situated less than a half mile from I-95, the Property provides easy accessibility to major employment hubs in the surrounding cities of West Palm Beach, Boca Raton and Pompano Beach. The Property was acquired in a joint venture with a repeat LEM operating partner that focuses on multifamily value-add transactions in major markets across Florida. The joint venture’s value-add business plan contemplates physical upgrades to unit interiors, enhancing the exterior curb appeal, remodeling the clubhouse and fitness center, and creating new amenity spaces. The interior finishes are original across the Property, creating the opportunity to fully upgrade units with contemporary layouts and finish levels similar to newly built apartments, but at a lower price point.
Verona was built in 2002 and features concrete block construction, open floorplans and 9-foot ceilings with crown molding, which distinguishes the property from its competitive set. The Property’s location is close to retail and lifestyle amenities including the high-end shops and restaurants at Renaissance Commons, Boynton Town Center, the future redevelopment of downtown Boynton Beach, and the south Florida beaches, as well as a short drive from the Boynton Beach Tri-Rail station, which should attract residents looking for a high-quality rental and lifestyle experience at a more affordable price point.
“We are very excited about the opportunity to acquire a well-built property in South Florida with the potential to provide tenants a high-quality rental experience,” said Jay Eisner, a founding partner at LEM. “Our business plan includes fully upgrading units to offer contemporary layouts with finishes that could compete with new supply but at a more affordable price point.”