September 5, 2018
LEM Capital Closes $9.3 Million Joint Venture Transaction in Houston, TX
LEM Capital closes $9.3 million joint venture transaction in Houston, TX
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $9.3 million joint venture investment for the acquisition and renovation of The Carlton at River Oaks (the “Carlton” or “Property”), a 222-unit garden-style apartment community. The Property is in the River Oaks neighborhood of central Houston, one of the most desirable and affluent neighborhoods in the city due to its location within the I-610 Loop, proximity to the city’s major employment hubs, excellent schools, luxury retail centers, golf courses and parks, and high-end residential housing. Nearby retail and lifestyle amenities include the Houston Galleria Mall, which contains over two million square feet of upscale retail space as well as multiple hotels, office buildings and entertainment facilities. LEM’s joint venture partner is a vertically integrated owner-manager with extensive experience executing value-add business plans in Texas.
The Property was acquired from a local owner-builder with a reputation for building high-quality apartments in prime locations. The Carlton represented an opportunity to improve management practices and modernize dated amenities and interior finishes to create an apartment community that will deliver a unique low-density rental option to potential renters.
“We are very excited about the opportunity to acquire a well-built property in one of Houston’s most prestigious neighborhoods,” said David Lazarus, a partner at LEM. “The Property offers a unique setting for tenants looking for low density luxury housing at a more affordable price point.”