April 10, 2018
LEM Capital closes $16.6 million joint venture transaction in Orlando, FL
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $16.6 million joint venture investment for the acquisition and renovation of Art Avenue (“Art Avenue” or the “Property”), a 300-unit garden-style apartment community. The Property is located in the Lee Vista submarket, a growing, amenity-rich area in east Orlando with a highly regarded school system. The Property was acquired in a joint venture with a repeat LEM sponsor that focuses on multifamily value-add transactions in major markets across Florida. The joint venture’s value-add business plan contemplates management improvements and physical upgrades to unit interiors, enhancing the exterior curb appeal, remodeling the clubhouse and fitness center, and creating new amenity spaces.
Art Avenue was built in 2014 and features a mix of one-bedroom, two-bedroom and three-bedroom apartment homes. The Property’s location next to SR-417 provides easy access to the downtown Orlando central business district, Lake Nona Medical City, the UCF Research Park, and the Orlando International Airport (which is currently undergoing on a $3.5 billion expansion) – all within 15 minutes. New retail and restaurants at the Lee Vista Town Promenade are less than five miles away, and new “A” rated elementary and middle schools are within close proximity of the Property.
“We are very excited about the opportunity to acquire a well-built, newer vintage asset with physical upside proximate to Orlando’s major traffic corridors and the rapidly expanding Lake Nona Medical City” said Jay Eisner, a founding partner at LEM. “Our value-add business plan contemplates upgrades to the Property and onsite management designed to provide tenants with a “Class A” living experience at a more affordable price point.”