November 17, 2020

LEM Capital Acquires Richmond, VA Property

LEM Capital Acquires Richmond, VA Property

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Courthouse Green Townhomes (the “Property”), a 1974 vintage, 266-unit apartment community located in suburban Richmond.  LEM plans to execute a comprehensive value-add business plan to upgrade the Property’s interiors, exteriors, and amenities.  The Property was acquired in partnership with a repeat local operating partner.

Courthouse Green is located in the Chesterfield County submarket of Richmond and offers walkability to two million square feet of office space as well as the area’s public elementary and high schools.  The submarket is in Richmond’s path of growth and has benefited from the completion of highway infrastructure linking Chesterfield County to Richmond’s major employment and retail nodes.  Residents of Courthouse Green also benefit from the recent completion of several nearby and high-quality retail centers with such destination tenants as Kroger, Walmart, Food Lion, Chipotle, Starbucks, and First Watch.

Courthouse Green consists of 100% townhome style floor plans with oversized patios in a desirable low-density setting. LEM believes that there is an opportunity to upgrade interiors and install washer/dryer machines to create best in class units.  The Property will also undergo a comprehensive exterior and amenity renovation that will expand the fitness center, upgrade the leasing office, create a business center, improve the exterior curb appeal, create a resort style pool deck, and improve landscaping.

“We are excited about the opportunity to invest in the Richmond market as it is supported by a diversified and stable job base and high barriers to entry for new construction” said Josh Grossman, a Managing Director at LEM. “We anticipate that the Property’s unique combination of townhome style floor plans, a low density setting and a desirable location proximate to schools and retail will be attractive to prospective residents and allow us to create value for our investors.”