About LEM Capital
Providing Access to a Niche Market
LEM Capital is a real estate private equity firm with a 18-year track record of protecting our investment partners’ downside and building portfolios to deliver dependable current cash flow and equity upside through all points in the economic cycle.
We are multifamily experts who acquire well-located apartment properties where we can add value and increase rents through physical upgrades and improved property management practices. Our approach combines the local insight, long-term market knowledge and day-to-day management of our nationwide network of operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight. LEM’s Partners are involved in every phase of the due diligence and asset management processes with the goal of delivering attractive risk-adjusted returns to our investment partners while safeguarding their capital.Contact Investor Relations
Investment Partner Commitments
General Partner Commitments
Multifamily Units Acquired
Meet the Team
Ira M. Lubert
Ira is the founder of Independence Capital Partners and is a principal and co-founder of various active private investment funds in real estate, late stage venture capital, life sciences, corporate credit and banking. He has over 40 years of commercial real estate experience.
Prior to founding Independence Capital Partners, Ira was the principal and co-founder of TL Ventures, within the family of Safeguard Scientifics, Inc. (NYSE: SFE), an early-stage venture fund. Ira was also co-founder of Radnor Venture Partners, L.P., and the first venture fund managed by Safeguard Scientifics.
Ira currently serves on the Boards of The Franklin Institute, National Constitution Center, Thomas Jefferson University Hospital and the Board of Trustees of Penn State University.
Ira holds a Bachelors of Science from Pennsylvania State University.
Jay J. Eisner
As a co-founder of the firm, Jay focuses on developing and overseeing the firm’s investment strategy and is continuously evaluating and researching the demographic and lifestyle trends supporting and validating our focus on multifamily investments. His goal is to identify opportunities that align with the firm’s strategic initiatives and build attractive investment portfolios on behalf of our investment partners. As a managing partner, Jay directly oversees deal origination and underwriting in addition to fostering and maintaining relationships with operating partners, local real estate brokers, and financing relationships.
Prior to LEM, Jay was President and Chief Operating Officer of RAIT Investment Trust (NYSE: RAS), Chief Financial Officer of Washington Capital Corporation and two other related real estate investment and development companies. In addition, he was a Certified Public Accountant and Supervisor with Touche Ross & Company.
Jay represents LEM on the National Multifamily Housing Council’s workforce housing committee and on their board of trustees. He is also a member of the Drexel University President’s Real Estate Council.
Jay holds a Bachelors of Business Administration from Rutgers University.
Herbert L. Miller, Jr.
As a co-founder of the firm, Herb focuses on developing and overseeing the firm’s investment strategy and takes a hands-on approach to managing the firm’s investment portfolio and analyzing national and regional economic trends that impact the multifamily industry. His goal is building diversified investment portfolios, executing our value-add business plans and ultimately realizing our investments to generate attractive risk-adjusted returns for our investment partners. As a managing partner, Herb directly oversees deal origination and asset management in addition to fostering and maintaining relationships with operating partners, local real estate brokers, and financing relationships.
Outside of LEM, Herb represents the firm as a member of the Board of Directors of the National Multi-Housing Council (“NMHC”) and a member of the NMHC Finance Committee.
Herb holds a Bachelors of Science from Boston College and has a Masters of Business Administration from Columbia University.
Allison R. Bradshaw
Partner, Co-Head of Investments
Allison Bradshaw is a Partner and Co-Head of Investments at LEM. Allison is responsible for the overall investment operations including originations, asset management and portfolio management for the Firm. The Co-Heads of Investments focus on organizational improvement initiatives including expanding and institutionalizing the firm’s operational practices which are aimed at driving the Firm’s long-term performance. In addition, as a member of the Management Committee, Allison helps manage the day-to-day operations of the Firm along with the other Management Committee members.
Prior to LEM, Allison was a Managing Director on Greystar’s Investment Management team with direct oversight of a $1.9bn multifamily portfolio and led acquisitions, dispositions, asset management and business development in the Northeast region. At Greystar, Allison also opened the New York City office, and was responsible for building both the investment management and property management presence in the market, helping grow the team to 25 professionals in the corporate office and approximately 4,200 units under management in the greater New York metro. Prior to joining Greystar, Allison was a Managing Director at Savills where she worked on the execution of over $2bn of transactions. Allison started her career as a licensed structural engineer and worked on various residential projects throughout New York City. She formerly sat on the Emerging Leaders Committee of the National Multi-Housing Council.
Allison holds a Bachelor of Engineering degree, magna cum laude, from Vanderbilt University and an MBA from the Stern School of Business, where she was recognized as a Stern Scholar.
Gregory T. Biester
Principal, Co-Head of Investments
As a Principal and Co-Head of Investments, Greg is responsible for the overall investment operations including originations, asset management and portfolio management for the Firm. The Co-Heads of Investments focus on organizational improvement initiatives including expanding and institutionalizing the firm’s operational practices which are aimed at driving the Firm’s long-term performance. In addition, as a member of the Management Committee, Greg helps manage the day-to-day operations of the Firm along with the other Management Committee members.
Prior to joining LEM, Greg was an Associate Director at HFF, LP where he oversaw a team across various commercial real estate types and platforms, including debt, equity, investments sales and advisory work. Previously Greg worked at Hunt Investment Management where he oversaw asset management for a nationwide portfolio of multifamily properties.
Greg holds a Bachelor of Science and a Masters of Business Administration from Villanova University.
Jennifer E. Clausen
Principal, Head of Investor Relations
As Principal and Head of Investor Relations, Jennifer’s focus spans the marketing life cycle for each fund. From long-term relationship development and capital raising through on-going communication, reporting and interaction with limited partners, her goal is to maintain the strong alignment of interests between the firm and its investors. She is also responsible for the firm’s brand management and strategic marketing platforms effectively broadcasting and expanding the LEM brand to existing and potential institutional investors.
Before joining LEM, Jennifer worked with two New York City-based hedge funds concentrating on investor relations, marketing and compliance. She previously spent six years as a commercial real estate broker with Cushman & Wakefield focused on office and leasing sales in Downtown San Diego.
Jennifer holds a Bachelor’s Degree in Communications and in Romance Languages – Hispanic Studies from Boston College.
Chief Compliance Officer
Michelle is the Chief Compliance Officer of LEM Capital, responsible for overseeing the firm’s regulatory and compliance programs, including its Code of Ethics. Prior to joining the firm, she was a regulatory consultant with Deloitte LLP where she helped several private equity firms build and implement their internal compliance programs. Previously, Michelle served as the Chief Compliance Officer of Capmark Investments, a multibillion dollar real estate investment adviser, where she was responsible for the implementation, integrity and on-going testing of the firm’s global compliance program and investor reporting teams. Prior to Capmark, she held several regulatory and compliance positions at SEI Investment Company.
Michelle holds a BBA in Finance from Iowa State University and a Masters of Business Administration in International Business from the Haub School of Business at Saint Joseph’s University.
David M. Lazarus
Managing Director, Acquisitions
As Managing Director of the firm, David leads the acquisitions team in the evaluation, underwriting and due diligence of potential investments, develops and maintains relationships with existing and new operating partners and actively assists the co-founders in running the day-to-day operations of the firm. His goal is maintaining and expanding a robust nationwide network of operating partners with the experience and operational capacity to execute our value-add business plans and generate attractive investment returns for our investment partners. In addition, David is actively involved with the firm’s compliance committee and takes a lead role in establishing comprehensive policies and procedures and implementing a culture of compliance at the firm.
Prior to LEM, David was co-founder of Spring Mill Capital, an investment management and advisory firm focused on commercial real estate debt, the chief operating officer of Capmark Investments, an institutional investment advisory business, and the head of Capmark Financial Group’s global capital markets commercial mortgage backed securities and loan syndication team. David began his career practicing law in the real estate group of Dechert LLP, a multi-national law firm based in Philadelphia.
David received his Bachelor of Arts from Harvard College and his Juris Doctor from the University of Pennsylvania Law School.
Chris T. Potavin
Chris is a Director on the acquisitions team who is responsible for the sourcing and underwriting of new acquisitions which includes deal identification and underwriting, market and comparative property analyses, property due diligence, and joint venture negotiation and structuring. Prior to joining LEM, Mr. Potavin was an Executive Director at JPMorgan Investment Management in their New York-based Real Assets Group where he held a variety of roles in asset management, debt capital markets, mezzanine loan originations and equity acquisitions. Mr. Potavin also spent time in JPMorgan’s commercial bank as a senior underwriter for new construction loans and as a real-estate credit analyst and underwriter for Santander Bank in Philadelphia.
Chris holds a Bachelor of Science from the University of Delaware and a Masters of Business Administration from the University of Miami (FL) school of business.
Lucas M. Perl
Director, Head of Asset Management
As Vice President of Asset Management, Luke is responsible for overseeing the firm’s investments and managing the execution of our value-add business plans. Luke participates actively with the acquisition team during the formulation of the business plans and is actively involved in developing and maintaining our relationships with our operating partners as well as coordinate with our various third-party architectural, engineering and construction consultants and contractors from pre-acquisition through disposition of each investment. The Asset Management team’s core objective is to drive net operating income through active strategic oversight, ensuring the firm’s investments achieve their underwriting objectives.
Prior to joining LEM, Luke served as Vice President of Asset Management for Resource Real Estate where he oversaw asset management for a nationwide portfolio of multifamily properties. Additionally, Luke oversaw all debt financing and asset dispositions of the organization’s real estate portfolio. Previously, Luke worked as an analyst at Pennsylvania Real Estate Investment Trust (PREIT), a Philadelphia based equity REIT specializing in retail shopping malls.
Luke holds a Bachelor of Arts degree in Economics from the University of Michigan and a Master of Business Administration from Villanova University.
Emily H. (Strickman) McMillen
Vice President, Portfolio Management
Emily is a Vice President on the Portfolio Management team. She is responsible for working to drive property-level strategy and fund performance by managing and communicating portfolio data and metrics to support investment decisions and operational strategy. Additionally, she contributes to the Firm’s capital raising and investor communication and reporting efforts.
Prior to joining LEM, Emily was a Portfolio Analyst at CBRE Clarion Securities which specializes in listed real estate and infrastructure securities. Previously, she was a Fixed Income Portfolio Analyst at Lincoln Financial Group. Emily holds a Bachelor of Science in Business Administration with an emphasis in Finance from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
Vice President, Acquisitions
Stephen is a Vice President on the acquisitions team where he works on the sourcing and underwriting of new acquisitions, which includes deal identification and underwriting, market and comparative property due diligence, and financial modeling. Prior to LEM, Stephen worked as an Associate at Bank of America Merrill Lynch in the Real Estate, Gaming and Lodging Investment Banking group in New York. Prior to Bank of America, Stephen was an Associate at Fidelity Investments in Boston.
Stephen holds a Bachelor of Arts from Dartmouth College and a Masters of Business Administration from the Tuck School of Business at Dartmouth.
Steven J. Dilemme
Steven is the Controller for the firm and is involved with the initiation and preparation of financial analysis and financial reporting for the firm’s funds and management company as well as investor relations responsibilities. From complex fund accounting, audit confirmations, capital calls and quarterly financial statement preparation, Steven is accountable for a range of accounting deliverables for all of the related partnerships and joint ventures associated with the LEM funds.
Prior to joining LEM, he was a Financial Manager with Northeast Communications Group, a telecommunications servicing company and energy brokerage firm.
Steven holds a Bachelor of Economics degree from Bucknell University and holds a Masters of Business Administration from the University of Phoenix.
As an Associate on the acquisitions team, Sam works to support the underwriting and due diligence of potential investments, which includes gathering market information, financial modeling and comparable property analysis.
Prior to joining LEM, Sam worked as Project Executive with JG Petrucci Company, a regional industrial and multifamily developer. He supported the development team with acquisitions, land development approvals, and underwriting for ground-up development projects.
Sam holds a Bachelor of Science degree in Economics with a concentration in Finance from the Wharton Business School at the University of Pennsylvania.
Analyst, Asset Management
Alex is an Analyst on the Asset Management team, where one of the core objectives is to drive rents and NOI through active strategic oversight, ensuring the firm’s investments achieve their underwriting objectives. He provides analytical support to drive property-level strategy of the firm’s portfolio of investments, participates in the execution of the value-add business plans, and monitors the performance of each investment from acquisition through disposition. Alex also works with the Portfolio Management and Accounting teams and participates in the quarterly valuation of the firm’s portfolio.
Prior to joining LEM, Alex was an analyst at Cantor Fitzgerald, where he focused on acquisitions and asset management of multifamily, industrial, and net-lease office assets. Prior to Cantor Fitzgerald, Alex was a Consultant for financial data and software company, FactSet.
Alex holds a Master of Science in Business Management and Bachelor of Arts from Wake Forest University.
As an Analyst, Brendan is a member of the Acquisitions team and supports the underwriting and due diligence of potential investments, which includes gathering market information, financial modeling and comparable property analysis. Prior to joining LEM, Brendan worked as an Acquisitions Analyst at Rubenstein Partners, a fund manager for a series of private equity funds focused on office investments throughout the United States, where he assisted the firm’s investment and asset management activities.
Brendan holds a Bachelor of Science degree, cum laude, in Finance from the Pennsylvania State University.
Investor Relations Coordinator & Office Manager
As Investor Relations Coordinator and Office Manager, Jamie contributes to the Firm’s capital raising and investor communication and reporting efforts and manages the Firm’s Human Resources, Facilities, and IT responsibilities.
Before joining LEM, Jamie was a project assistant for CMT Services Group, a geotechnical engineering and construction special inspections firm. Prior to CMT, she was finance and administration manager for AVAX Technologies, Inc., a clinical-stage biotechnology research company.
Jamie holds a BBA in Management and Human Resource Management from Fort Hays State University.