January 29, 2019
LEM Capital Announces 2018 Year in Review and 2019 Origination Goals
LEM Capital Announces 2018 Year in Review and 2019 Value-Add Multifamily Origination Goals; Allison Bradshaw joins the firm as Senior Vice President
Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the achievement of several important milestones during 2018. “We continue to focus on generating strong risk-adjusted returns for our investors by investing in value-add multifamily properties and creating investment portfolios that seek to generate a combination of current cash flow, downside protection and upside for our investors,” said Jay Eisner, a founding partner of LEM. “We were very active both buying and selling in 2018 with total transactional volume of over $1.0 billion, which included the acquisition of 11 properties totaling 2,690 units with a total capitalization of $508 million and the sale of 12 properties totaling 3,389 units with a total sale price of $503 million,“ said Herb Miller, a founding partner of LEM, “2018’s results bring our total volume of transactions since 2011 to a total of 80 property acquisitions and 43 property sales.” Since the firm was founded in 2002, LEM has raised over $1.1 billion of committed capital.1
LEM also announced the firm’s 2019 acquisition goals, continuing the firm’s business of partnering with high-quality, local real estate operating companies to acquire value-add multifamily properties. “Our target for 2019 is to acquire between $400 and $500 million of apartment properties located in primary markets on the east and west coasts, the four major cities in Texas, Nashville, Chicago, Minneapolis, Phoenix, Denver and other cities on a select basis,” said David Lazarus, a partner of LEM. “In today’s competitive market, we believe the team we have built at LEM and the unique way we integrate our expertise and capabilities with our strong and reliable operating partners across the country sets us up for success.”
LEM’s value-add multifamily equity program typically provides up to 85% of the required equity behind the senior mortgage debt, targeting equity investments ranging between $5 million and $20 million per property, with total capitalizations ranging from $20 million to $50 million or higher. “LEM’s value-add business plans typically contemplate upgrades to apartment interiors, common areas and a particular focus on the amenities with the goal of providing a “like new” experience at a moderate price point for renters. We work closely with our operating partners through the bidding and acquisition process to develop and implement business plans that seek to create value over our typical 5-year hold period,” said Josh Grossman, a senior vice president on the acquisitions team.
LEM Capital is also pleased to announce that Allison Bradshaw has joined the firm as senior vice president. She will play a lead role on the originations team and works with the managing partners to oversee the strategic growth of the firm. “We are extremely pleased to have Allison join our team at LEM,” said Herb Miller, a founding partner at LEM, “Her real estate investment skills will broaden our platform and strengthen our ability to execute our investment strategy.” Ms. Bradshaw joins the firm from Greystar, where she was a Managing Director on Greystar’s Investment Management team with direct oversight of a $1.9 billion multifamily portfolio and led acquisitions, dispositions, asset management and business development in the Northeast region.
1 –As of December 1, 2018.