May 11, 2015
LEM Capital Closes $6.5 Million Joint Venture Transaction in Decatur, Georgia
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $690 million of committed capital, has funded a $6.5 million joint venture investment for the acquisition of Carriage Place (“the Property”), a 228-unit multifamily asset in Decatur, Georgia. Plans are to execute a value-add strategy for the Property by creating a market-leading amenity package which will include a reconfigured clubhouse and fitness center, an enhanced pool deck with a new outdoor kitchen, a new fitness center and sport court, and improvements to the property’s 1.5 mile jogging trail. Planned unit interior upgrades, new landscaping and signage, enhanced customer service and professional management practices are expected to further improve the Property’s appeal to prospective tenants.
Carriage Place was built in 1988 and features a mix of one and two bedroom units with open floor plans and large patios and balconies. The Property is gated and benefits from an attractive wooded setting in a low density environment. Carriage Place is located just north of downtown Decatur, one of Atlanta’s most desirable neighborhoods, and is less than eight miles east of Midtown. The Property is minutes from the Center for Disease Control and Emory University Hospital, Atlanta’s largest medical hub, and caters to the area’s high quality tenant base. The immediately surrounding area is experiencing a significant amount of new retail investment and development, including an expansion of the nearby DeKalb Farmers Market and the development of a new grocery anchored shopping center. LEM’s local operating partner is an experienced owner-operator who focuses on acquisitions, development and management of multifamily properties across the United States, with over 22,000 units owned or managed, including over 3,000 apartment units in the greater Atlanta market.
“We are pleased to expand our network of operating partners and make another investment in the greater Atlanta area,” said Jay Eisner, a founding partner at LEM. “Carriage Place’s infill location within the Decatur submarket and our planned value-add improvements to the property should allow the Property to attract a high quality tenant and create value for our investors as we implement our business plan.”