About LEM Capital
Providing Access to a Niche Market
LEM Capital is a real estate private equity firm with a 16-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
with Active Investments
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 with over $10.5 billion in capital commitments under management in real estate, late stage venture capital, life sciences, corporate credit and banking. He has over 30 years of commercial real estate experience.
Prior to founding Independence Capital Partners, Ira was the principal and founder of TL Ventures, within the family of Safeguard Scientifics, Inc. (NYSE: SFE), an early-stage venture fund. Ira was also founder of Radnor Venture Partners, L.P., and the first venture fund managed by Safeguard Scientifics.
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.
Prior to LEM, Herb was a Managing Director of Lend Lease’s Capital Advisory Group, Member of the Loan Restructuring Group at Citibank, Associate with Banker’s Trust and Senior Audit Manager with Peat Marwick. 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.
David M. Lazarus
As a managing partner 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.
W. Marcus Duley
Senior Vice President, Portfolio Management
As Senior Vice President, Marcus leads the firm’s investment transaction execution and portfolio management functions. He coordinates and provides oversight for the firm’s detailed due diligence process for all acquisitions, negotiates joint venture agreements and manages investment dispositions and refinancings. Marcus also oversees the firm’s hedging strategies, valuation process and fund level projections and works closely with the accounting and acquisitions teams on a wide range of operational, reporting and valuation processes which are designed to maximize portfolio level returns and minimize risk.
Prior to joining LEM, Marcus was a Real Estate Credit Manager at Wachovia Bank and a Client Service Representative at the Vanguard Group.
Marcus holds a Bachelors of Business Administration from Loyola University Maryland and a Masters of Business Administration from Temple University.
Joshua N. Grossman
Senior Vice President, Acquisitions
In his role as Senior Vice President on the acquisitions team, Josh is responsible for sourcing, underwriting and due diligence of potential investments and expanding our network of operating partners. He also works closely with the asset management team to integrate them as our value-add renovation plans are developed and during the ongoing implementation and fine tuning of our business plans.
Prior to joining LEM, Josh was an Associate at Brookfield Properties Corporation in their Development Group in New York where he focused on due diligence and financial analysis of various commercial real estate development transactions. Josh previously was an Associate Intern at AREA Property Partners in New York and at Forest City International in their London office, where his experience included due diligence and underwriting equity and debt restructurings, acquisitions of mezzanine loans, distressed loan portfolios and various development and investment opportunities.
Josh holds a Bachelor of Arts from Harvard College and a Masters of Business Administration from the Columbia Business School.
Chris T. Potavin
Senior Vice President, Acquisitions
Chris is a Senior Vice President on the acquisitions team who is responsible for the sourcing and underwriting of new acquisitions which includes 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.
Gregory T. Biester
Vice President, Asset Management
As Vice President and Head of Asset Management, Greg is responsible for is responsible for all aspects of asset management including overseeing the firm’s investments, overseeing the execution of our value-add business plans and supervising our asset management team. Greg and his team participate actively with the acquisition team during the formulation of our business plans, and, are actively involved in developing and maintaining our relationships with our operating partners and coordinate with our various third-party architectural, engineering and construction consultants as well as contractors from pre-acquisition through disposition of each investment. One of the core objectives of the Asset Management team is to drive rents and net operating income through active strategic oversight, ensuring the firm’s investments achieve their underwriting objectives.
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
Vice President, Investor Relations
As part of LEM’s Investor Relations team, 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.
Brad A. Nemzer
Chief Financial Officer
As Chief Financial Officer of the firm, Brad is charged with managing LEM’s financial strategy and operational objectives to ensure the functional efficiency and financial accuracy of the firm and its investment offerings. Brad leads the accounting team on the financial reporting and treasury services for the firm acting as final oversight for regulatory filings, firm and fund financial statements, budgeting, and forecasting. As a liaison on the Compliance, Risk Management, Human Resources, and Information Technology committees, Brad works on the evaluation and implementation of new initiatives and policies optimizing the firm’s operational efficiency and regulatory adherence. He also collaborates with Investor Relations and participates in the planning and structuring of future firm offerings and best practice development.
Prior to joining LEM, Brad was a Partnership Accounting Manager with CMS Companies, a diversified financial services and asset management firm. He was previously an Audit Manager at Grant Thornton, LLP in their financial services practice.
Brad holds a Bachelor of Business Administration degree from the University of Michigan. He is a Certified Public Accountant.
Lucas M. Perl
Vice President, 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.
Joseph S. Ianoale
Vice President, Acquisitions
Joseph is a Vice President on the Acquisitions team where he works on the sourcing, underwriting and due diligence of potential investments which includes market and comparative property analyses, property due diligence, and financial modeling.
Prior to joining LEM, Joseph was a Principal of Seal Point Capital, LLC, a private real estate firm focused on multifamily acquisitions. Prior to Seal Point, Joseph was an Associate at Wells Fargo Securities in the Investment Banking-Infrastructure Public Finance Group where his experience included structuring and executing public/private market debt solutions and derivative transactions for large governments, transportation and higher education issuers.
Joseph holds a Bachelor of Science in Finance from the College of Business and Economics at Lehigh University.
Kevin C. Weidman
As an Analyst, Kevin 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, Kevin worked as an Analyst at Radnor Property Group, a multifamily and student housing developer, where he performed financial analysis and due diligence for development projects. Prior to joining Radnor Property Group, Kevin worked as an analyst at CBRE’s office in Pittsburgh, Pennsylvania.
Kevin holds a Bachelor of Arts degree, cum laude, in Political Science from the University of Pittsburgh.
Joseph D. Stewart
As the Controller for LEM, Joe manages and oversees the accounting and financial operations for the funds, general and limited partnerships, and management company, focusing on the accuracy of accounting records, financial data analysis, and cash management. Joe leads external audit & tax processes for annual and interim audits & tax filings with the firm’s external public accountant firms. In collaboration with the portfolio manager, Joe participates in the internal valuation of assets through the development and utilization of financial models and analyses, with the objective of providing accurate fund-level performance metrics for the firm’s investment partners. In addition, Joe works closely with Investor Relations coordinating reporting on partnership activities to limited partners and in preparing externally requested financial consultant questionnaires.
Prior to joining LEM, he was a Senior Accountant with Heffler, Radetich & Saitta LLP, a full-service certified public accounting and consulting firm.
Joe holds a Bachelor of Science in Business Administration degree with a concentration in Accounting from Stockton University. He is a Certified Public Accountant.
Steven J. Dilemme
Steven is a Senior Accountant 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.
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.
Emily H. Strickman
Analyst, Asset and Portfolio Management
Emily is an Analyst on the Asset Management and Portfolio Management teams, working to drive property-level strategy and fund performance. She is responsible for managing and communicating portfolio data and metrics to support investment decisions and operational strategy.
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.
William Van Fossen
Will is an Analyst who joined the firm in 2017. He is a member of the origination 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, Will worked as an intern with the acquisitions team at Starwood Capital Group in Greenwich, CT, where he performed market research and financial modeling for potential hotel acquisitions.
Will holds a Bachelor of Arts degree in Economics from Yale University.
In his role as staff accountant for LEM, Aaron initiates accounting initiatives from daily reconciliations and treasury functions to tax return and work paper preparation. He works closely with the firm’s controller and senior accountant with the goal of supporting the broader accounting team. Prior to joining LEM, Aaron worked as an accounting analyst at SEI and was previously a billing accountant clerk with McCabe, Weisberg & Conway.
Aaron holds a Bachelor of Science in Accounting from Central Penn College.
Investment Coordinator, Asset Management
As Investment Coordinator, Valerie works with the asset management team processing the portfolio valuation and financial statement aggregation. In addition, she works closely with portfolio management during the underwriting and due diligence process for new acquisitions.
Valerie holds a Bachelor of Arts in Marketing and International Business from Temple University.