November 28, 2016
LEM Capital Closes $5.8 Million Joint Venture Transaction in Denver, CO
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $5.8 million joint venture investment for the acquisition and renovation of Glenbrook Apartments (“Glenbrook”), a 252-unit, garden-style apartment community located in Denver, Colorado. The Property was acquired from the original developer in a joint venture with a locally based, vertically integrated owner-operator focused on multifamily value-add transactions in Colorado. The sponsor’s value-add business plan includes a complete interior unit renovation program, including the installation of washer dryer connections and appliances, improving the exterior curb appeal and common areas, remodeling and repurposing the clubhouse spaces, and upgrading the on-site property management team.
Glenbrook was built in 1985 and features a mix of studio, one and two bedroom units with open floor plans. Glenbrook is situated 12 miles southeast of downtown Denver and adjacent to the Cherry Creek Country Club. The property features convenient access to several of Denver’s most important roadways – the I-225, Route 30 (Havana Street), Route 83 and Route 25 – providing tenants with short commutes to major employment hubs located in the Denver Technology Center, The Fitzsimons Life Science and Anschutz Medical Campus, downtown Denver and the Denver International Airport. The area’s accessibility and profile should continue to improve with the completion of nearby stations stops at the end of 2016 on a new light rail line which will create additional public transit access to downtown Denver and the Anschutz Medical Campus.
“Glenbrook represents a unique opportunity to execute a comprehensive renovation program at a well located property,” said David Lazarus, a partner at LEM. “We are excited to reposition the asset with a well qualified partner and execute a capital expenditure plan that should generate growth in cash flow and value for our investors.”