January 26, 2016
LEM Capital Closes $9.0 Million Joint Venture Transaction in Salem, Massachusetts
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $830 million of committed capital, has funded a $9 million joint venture investment for the acquisition and renovation of Vinnin Square Apartments (“Vinnin” or “the Property”), a 148-unit multifamily property located in Salem, Massachusetts. The Property was acquired in partnership with a vertically integrated owner and operator of multifamily properties in the New England. Plans are to execute a value-add strategy for the Property, which includes a thorough interior renovation program, improving the exterior curb appeal, supplementing and enhancing existing amenities, and improving the on- site property management team.
Vinnin was built in 2002 as part of a master planned development that includes three condominium communities and a nursing home community. The Property consists of a mix of mid-rise, flat and townhome units and an excellent amenity package which includes a fitness center, a clubroom, and a dog park, as well as access to a swimming pool, tennis courts and a nature pond with trails. Vinnin is located in the city of Salem, which is 14 miles north of downtown Boston with direct commutability via regional rail from a station located just over a mile from the Property. The Property benefits from close proximity to the upscale residential communities of Swampscott and Marblehead, and is convenient to strong retail outlets, including a Whole Foods located less than a mile from the Property and the nearby Swampscott Mall.
“Vinnin represented an opportunity to acquire an institutional, quality-built asset with a fully integrated local operator” said Herb Miller, a founding partner at LEM. “The lack of new supply in Salem market combined with the Property’s proximity to the highly attractive North Shore communities should enable Vinnin to attract a high quality resident and generate value for our investors.”