November 13, 2012
LEM Capital Closes $8.9 Million Joint Venture Transaction in Orlando, Florida
LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $500 million of invested and committed capital under management, has made an $8.9 million joint venture investment for the acquisition of Highpoint Club Apartments, a 348 unit townhouse style apartment complex located in the Waterford Lakes neighborhood of the University/East Orange submarket in Orlando, Florida.
Highpoint Club features a mix of one and two bedroom units in a condominium style layout, with a wide range of onsite amenities, including a swimming pool and a fitness center. The sponsor’s business plan includes both interior and exterior renovations to the property and improvements to the property’s clubhouse and amenities. A repeat LEM client, LEM’s operating partner in the transaction is an experienced sponsor with a portfolio of over fifteen properties representing nearly 4,000 units.
“Our operating partner’s business plan capitalizes on the property’s unique townhome style layout, with a value add plan intended to enhance the property’s profile and appeal in the market,” said Jay Eisner, a founding partner at LEM. “Once again, we are pleased to support our partner’s growth strategy by investing in well-positioned assets with strong upside potential.”