August 27, 2026

LEM Capital Acquires San Francisco Bay Area Property

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Koda on Fremont (“Koda” or the “Property”), a 122-unit multifamily community built in 1970. LEM plans to execute a comprehensive repositioning strategy centered on property rebranding, exterior and amenity enhancements, and targeted unit upgrades. The acquisition marks LEM’s first partnership with Sack Capital Partners, a Bay Area-based, vertically integrated multifamily owner and operator with a significant presence throughout Northern California and the West Coast.

Located in Fremont, the Property, which will be rebranded Tempo Fremont, benefits from convenient access to Interstate 680, Interstate 880, the Dumbarton Bridge, and the Fremont BART station, which provides direct service throughout the Bay Area. The Fremont submarket is anchored by the Warm Springs Innovation District, home to a diverse collection of employers including Tesla, Lam Research, Seagate, Western Digital, Thermo Fisher Scientific, and Boston Scientific. In addition, Fremont benefits from direct access to Silicon Valley’s broader technology ecosystem. The combination of strong household incomes, highly ranked public schools, limited new apartment supply, and proximity to major employment centers positions the Property to benefit from strong rental demand.

Tempo Fremont has benefited from significant capital investment under prior ownership, including a range of physical, operational, and amenity improvements. Despite this investment, the Property’s repositioning was not fully completed, creating an opportunity for LEM and its Operating Partner to build upon the existing improvements and complete the Property’s transformation through a targeted capital improvement program. Planned improvements include the installation of mini-split air conditioning systems across all units, enhancements to the pool and outdoor amenity spaces, upgrades to residential building corridors, and improvements to the Property’s overall curb appeal.

“We are very excited to enter the Bay Area with this off-market opportunity,” said Kevin Weidman, Managing Director at LEM Capital. “Sourced through one of our locally based operating partners, this asset offers meaningful physical and management upside in a highly dynamic and supply-constrained submarket.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 24-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 create value 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 $1.9 billion of investor commitments and invested over $9.5 billion in real estate value contributing to their expertise in structuring, execution and asset management. This includes acquiring over 28,000 value-add apartment units since 2011.

 Notes: All data as of August 18, 2026, unless otherwise noted.