December 15, 2015
LEM Capital Closes $7.8 Million Joint Venture Transaction in Alpharetta, Georgia
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $830 million of committed capital, has funded a $7.8 million joint venture investment for the acquisition and renovation of Ashley Forest (the “Property”), a 220-unit multifamily property in Alpharetta, Georgia. The Property was acquired in partnership with a vertically integrated owner/operator that has a substantial portfolio in Atlanta and is a repeat LEM sponsor. The sponsor’s value- add business plan incorporates modernizing the exteriors, upgrading unit interiors and undertaking a substantial renovation of the amenity package including a reconfigured clubhouse/leasing center, an enhanced pool area with outdoor kitchen and a high quality fitness center. The sponsor will also institute more professional approaches to property management and marketing.
Ashley Forest is a garden style asset that was built in 1986 and features a mix of one, two and three-bedroom units with open floor plans and patios/balconies. The Property is located in Alpharetta, a desirable suburb of Atlanta with excellent schools, strong demographics, expensive single family home prices and access to numerous job hubs. Due to the lack of available land and increasing construction and development costs, Alpharetta has significant barriers to entry for new multifamily apartment properties.
“We are pleased with the opportunity to acquire a second property in Alpharetta due to the community’s strong demographics and limited pipeline of new supply,” said Jay Eisner, a partner at LEM. “The business plan is designed to attract high- quality prospective tenants with newly upgraded interiors, enhanced amenities and curb appeal, and professional property management at an affordable price.”