February 2, 2016
LEM Capital Closes $13.1 Million Joint Venture Transaction in Peachtree Corners, Georgia
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $830 million of committed capital, has funded a $13.1 million joint venture investment for the acquisition and renovation of The Domain at Holcomb Bridge (the “Property” or the “Domain”), a 420-unit multifamily property in Peachtree Corners, Georgia. The Property was acquired in partnership with a local, vertically integrated owner/operator that owns 3,000 multifamily units in the Atlanta area. The sponsor’s value-add business plan includes painting the exteriors, upgrading landscaping, renovating interiors and refreshing the clubhouse and amenities. Additionally, the sponsor will institute more professional approaches to property management and marketing.
The Domain is a garden style asset that was built in 1981 with attractive stacked stone exterior accents and new siding which were completed in 2008. The Property contains a mix of one, two and three-bedroom flat and townhome units with large open floor plans and eat-in kitchens. The Property fronts a major artery in Peachtree Corners, a desirable northern suburb of Atlanta with excellent schools, strong demographics and direct access to the Alpharetta and Perimeter Center job hubs. It is situated within two miles of a significant office park geared toward technology-oriented companies. The Property is easily accessible from several major arteries; the “Golden Corridor” (GA 400), the Perimeter (Rte. 285), Peachtree Industrial Boulevard and Route 85. Additionally, substantial retail development has occurred and is underway in the Domain’s submarket, including the upscale 500,000 square foot open air Forum Shops.
“The acquisition and renovation of the Domain represents the opportunity to bring a well-located property in line with other recently renovated properties in a strong submarket,” said Jay Eisner, a partner at LEM. “Improvements to the Property’s interiors and amenities should drive increases in cash flow and help create value for our investors.”