December 4, 2018
LEM Capital Closes $38.4 Million Joint Venture Transaction in Glenview (Chicago), IL
LEM Capital closes $38.4 million joint venture transaction in Glenview, IL
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has closed on a $38.4 million joint venture investment for the acquisition and renovation of Valley Lo Towers (“Valley Lo” or the “Property”). Valley Lo is a five-story, 112-unit apartment community located in the village of Glenview in Chicago’s prestigious North Shore submarket. The Property is a garden style community that features ample green space, large floorplans, elevators and conditioned underground parking. Glenview offers strong public schools, excellent demographics, desirable retail amenities and high single-family home prices. Residents benefit from the Property’s proximity to northern Cook County’s major commuting routes; the I-94 to the east, the I-90 to the south and the I-294 to the west as well as Glenview’s three Metra commuter rail stations. These public and private transportation links provide residents with direct access to Chicago’s major urban and suburban employment hubs.
The Property was acquired from a private owner and offers physical and management upside. The business plan contemplates upgrading unit interiors, improving curb appeal, refreshing the landscaping, renovating the existing amenities and building a fitness center. LEM’s operating partner will utilize a more professional approach to property management and marketing and institute market-level utility reimbursement charges and underground parking fees. On a post-renovated basis, the Property should attract a high-quality tenant that is looking for larger floorplans with contemporary finishes and access to appealing amenities at a more affordable price point than nearby newer vintage apartments.
“We are very excited about the opportunity to acquire a unique and well-built property in a desirable suburban neighborhood with high barriers to entry,” said Joshua Grossman, a senior vice president at LEM. “Our business plan anticipates generating value for our investors by creating a property that offers tenants outstanding customer service, modern finishes and enhanced amenities.”