January 12, 2021
LEM Capital Announces Fourth Quarter Capital Markets Activity
Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the effective disposition of seven properties totaling 1,700 units during the fourth quarter of 2020. These transactions, which traded in suburban markets across the United States including Denver, Baltimore, Sacramento and Minneapolis, had a total sales price of $382 million. Over the past two years, LEM has completed twenty dispositions, with a total sales price of over $900 million including fourteen sales in 2020, despite the slowdown in investment activity due to the COVID-19 pandemic. “While the markets paused briefly in the second quarter due to uncertainty around the pandemic, we have not seen any distressed sales in the suburban multifamily sector, especially in the markets where we invest,” said Greg Biester, Director and Head of Asset Management for LEM. “Heading into 2021, we are looking forward to leveraging our distinct knowledge of the markets in which we invest to help identify and execute on unique multifamily investment opportunities.”
Since 2011, LEM has acquired 98 multifamily properties consisting of almost 23,000 units and sold 63 assets. LEM anticipates bringing additional properties to market at the beginning of the new year.
“On the acquisition front, we acquired three value-add multifamily properties in the fourth quarter, one in Charlotte, North Carolina, one in Richmond, Virginia, and the third in Tampa, Florida” said Allison Bradshaw, Managing Director and Head of Acquisitions at LEM. “December is historically a pretty slow month for new transactions but we have several interesting deals in the pipeline that could potentially close in the first quarter.“ The LEM team is continuing to actively monitor its target markets and economic conditions, looking for compelling and unique opportunities to add to its portfolio.
LEM invests in apartment properties located in primary and secondary suburban markets on the east and west coasts, the four major cities in Texas, Phoenix, Denver, Minneapolis, Chicago, Nashville and other cities on a select basis. “We invest and partner with locally based, best-in-class operating partners, who we believe really have the pulse of the market,” said Jay Eisner, Managing Partner of LEM. “These relationships, which we are constantly looking to expand and grow, act as an extension of our team helping us identify unique investment opportunities in today’s competitive market.”