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Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Collier on Swenson Farms (“Collier” or the “Property”), a 336-unit property built in 2008 in Austin, TX. The Property was acquired through a joint-venture partnership with a repeat operating partner with plans to execute a comprehensive value-add business plan.

Collier is located in the Pflugerville / Wells Branch submarket of the MSA, a burgeoning residential pocket proximate to job nodes located in Round Rock, Parmer Austin and The Domain. The surrounding neighborhood has now become a destination for young professionals who desire accessibility to Austin’s job market without the higher rents typically associated with denser, urban locations. Residents at the property benefit from easy access to Downtown Austin via Interstate 35. Austin has been one of the fastest growing MSA’s in the U.S in terms of both population and employment growth over the past decade. Recent corporate expansion announcements should continue to provide momentum in the MSA and create demand for apartment rentals.

Collier enjoys a low-density setting and offers large floorplans and quality amenities such as a swimming pool, fitness center, resident clubhouse and an electronic package locker system. The renovation plans for the Property include enhancing the existing amenity set and renovating apartment interiors with a more modern finish.

“We are very excited about the opportunity to acquire a property in such a dynamic market like Austin,” said Chris Potavin, a Managing Director at LEM. “We believe Austin continues to benefit from positive migration trends as people come for the affordability, high quality of life and robust employment market.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 21-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value to help increase rents through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $9.1 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 27,000 value-add apartment units since 2011.¹

Notes: 1 – As of July 13, 2023

Philadelphia, PA – LEM Capital, L.P. (“LEM”), in collaboration with JLL’s Capital Markets group (“JLL”), hosted its second annual Charity Golf Benefit on Monday, July 24, 2023, at the Philadelphia Country Club. The event, which again benefited Habitat for Humanity Philadelphia (“HFHP”), raised over $60,000. HFHP is an independently chartered affiliate of Habitat for Humanity International, the largest nonprofit homebuilder worldwide. Locally, HFHP’s mission is to transform lives and its neighborhoods by building and repairing homes in partnership with families in need and uniting all Philadelphians around the cause of affordable housing. The HFHP vision is a city where all Philadelphians live in safe, affordable homes.

“We are honored to return for year two of this beautiful event,” said Kathryn Fernandez, Chief Development Officer of Habitat for Humanity Philadelphia. “The incredible generosity of the LEM and JLL teams supports the expansion of core services such as our home repairs program, keeping Philadelphia families in their homes to age with dignity and pass on generational wealth. Thank you for sharing our vision of a world where everyone has a decent place to live.”

The highlight of the event was provided by a Habitat homeowner, a single mother with two daughters working two jobs and sharing a one-bedroom apartment with her daughters. Just last week, she surprised her children after obtaining permanent housing for her family through HFHP’s program. Corinne O’Connell, CEO of Habitat for Humanity Philadelphia, educated the crowd on Habitat’s mission and work, while the homeowner shared her personal experience and journey as a beneficiary of, and now advocate for, the organization’s services.

“We were thrilled to beat our fundraising success of last year’s inaugural event raising more money for and attracting more attention to such a worthwhile local charity and partner. We are very grateful to our sponsors, participants, donors, and all who made this event possible.” said Greg Biester, Partner.

“Our inaugural event was great, but year two was even better!  JLL is once again happy to have partnered with LEM to put on an event for the benefit of Habitat for Humanity.  Helping people find a place to call home and the strength they can draw from it is a noble cause.” said Ryan Ade, Senior Managing Director at JLL.

“The joy and pride of homeownership should be attainable, but today access to safe, clean, affordable housing is a challenge for many people across our country. Habitat is, as they say, ‘Repairing the world, one home at a time’, and we are grateful to be able to support their efforts in providing this much needed resource in our hometown.” said Jennifer Clausen, Partner.

To learn more about Habitat for Humanity Philadelphia’s mission, please visit www.habitatphiladelphia.org.

About LEM Capital

LEM Capital is a real estate private equity firm with a 21-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value to help increase rents through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $9.1 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 27,000 value-add apartment units since 2011.¹

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com²

Notes: 1 – As of July 13, 2023.  2 – As of August 1, 2023.

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Verona View (the “Property”), a 293-unit multifamily community that was built in 1989. LEM, who intends to rebrand the property “The Atlantic Preserve”, plans to execute a comprehensive value-add business plan that will improve the Property’s exteriors, expand and modernize the amenity set, and improve the existing unit interior finishes.  The Property was acquired in partnership with a repeat, local operating partner.

Located in Plantation, FL, the Property benefits from easy access to many of South Florida’s most prominent retail and employment hubs. Plantation is known for its high household incomes, high-quality single family home communities, and desirable public schools. Tenants at the Property have immediate access to I-595, SR-84, and the Sawgrass Expressway which all allow for a quick commute to some of the MSA’s biggest employment nodes including: The Sunrise/Plantation office market, Miramar/Pembroke Pines, Downtown Ft. Lauderdale, Boca Raton, Cypress Creek and Aventura. South Florida’s diverse economy is anchored by healthcare, E-commerce, telecommunications, and financial services, and has seen robust employment growth over the past decade. Coupled with a lack of land supply and inflated construction costs, multifamily fundamentals are very strong in this market.

Verona View enjoys a low-density setting and offers a wide variety of floorplans and quality amenities.  The Property has two swimming pools, a fitness center, basketball and tennis courts, and a clubhouse. The renovation plans for the Property include enhancing the existing amenity set, improving the building exteriors and property landscaping, rebranding, and renovating apartment interiors to a more contemporary finish level.

“We are very excited about the opportunity to acquire a well-built property in a highly desirable, suburban neighborhood of South Florida,” said Kevin Weidman, a Director at LEM. “Our business plan anticipates heavy improvements to the Property’s unit interiors, exteriors and common areas that should offer tenants a living experience that competes with ‘Class A’ product, but at a substantial discount.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 21-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through various cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $9.1 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 27,000 value-add apartment units since 2011.¹

Notes: 1 – As of July 13, 2023.

Many headlines today are alluding to the potential for oversupply in multifamily due to new starts over the next year+. However, many of the projects under construction or in the planning phases may get shelved because the ability to get financing and equity in place is much more difficult in this higher debt cost environment. With an uncertain economic outlook, increased costs of construction and a tight labor market, many groups will likely press the pause button on new starts.

As rising interest rates slowed demand for housing in 2022, new data on household growth is helping show how demand has changed since 2019. Various drivers enabled people (largely older millennials) to form new households in 2020 and 2021, including wage hikes, increase in savings from stimulus payments, and a pause in student loan payments.

Housing affordability in the U.S. has been a growing concern among many over the past few years. While we’ve seen historic rent growth numbers since 2020, wage growth has kept pace with rent increases, keeping rent-to-income ratios generally below the affordability ceiling of 33%.

After a year of unprecedented growth in 2021, the housing market has taken a turn. With multiple interest rate hikes, homebuying has become even more unattainable for many due to increased monthly payments. Additionally, for-sale inventory has hit an all-time low, forcing people to rent for longer. While supply (multifamily and single family) is expected to increase with many projects underway, there is still a supply/demand imbalance. Click Here for the Harvard JCHS Americas Rental Housing Report 2022

Philadelphia, PA – LEM Capital, L.P. (“LEM”) recently announced the promotion of three team members to new positions in the Firm.

Steven DiLemme, who leads the Accounting Team and has been with the Firm for 10 years, was promoted to Chief Accounting Officer.

Stephen Wetherill, a member of the Acquisitions Team who covers the Atlanta, Boston, Austin, San Antonio and several Midwest multifamily markets, was promoted to Director.

Brian Cohn, a member of the Asset Management Team who helps oversee the Firm’s portfolio, was promoted to Vice President.

“We are excited to announce that three of our team members have been elevated to new positions. Each person has contributed in various ways to the Firm’s productivity over the past year.  We are proud of their accomplishments and also look forward to seeing each team member continue to thrive with their expanded responsibilities.” said Allison Bradshaw, Partner at LEM.

About LEM Capital

LEM Capital is a real estate private equity firm with a 20-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value to help increase rents through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $8.9 billion in real estate value contributing to their expertise in structuring, execution and asset management. This includes acquiring over 26,000 value-add apartment units since 2011.

Notes: All data as of December 31, 2022 unless otherwise noted.

Philadelphia, PA – LEM Capital, L.P. (“LEM” or the “Firm”) today announced the achievement of several milestones in 2022 and its transaction objectives for 2023.

2022 Accomplishments

• Celebrated 20 years of operation
• $1.1 billion+ in total transaction volume
• 14 property sales totaling 3,400 units
• 4 property acquisitions totaling 840 units
• $125.0 million of debt proactively refinanced
• Transacted with one new third-party Operating Partner
• Added one new submarket to portfolio
• $450.9 million raised in latest fund (30% deployed)¹

2023 Accomplishments

• Acquire $650 million+² of value-add multifamily properties (8-10) properties
• Sell 4-6 properties
• 14 property sales totaling 3,400 units
• Continue focus on primary suburban markets on the East and West coasts, major Sun Belt markets, including the four major cities in Texas, and Nashville, Chicago, Minneapolis, Phoenix and Denver
• Add 2-4 new third-party Operating Partners

In 2022, the Firm celebrated its 20^th year of operation. “We’ve built a strong multifamily real estate investment platform over the last two decades, and we’re thrilled to celebrate 20 years of delivering attractive risk-adjusted returns to our investors,” said Jay Eisner, Co-Founder and Managing Partner. “Last year we closed fundraising for our sixth and largest multifamily value-add fund to date, hitting our hard cap with equity commitments totaling just over $450 million, which we believe was made possible by our track record and institutional experience.”

Sales and Acquisitions

LEM Capital generated over $1.1 billion in total transaction volume between its sales and acquisitions activity in 2022. “We were deliberately net sellers coming into 2022 and, as a result, had a record year on the sales front,” said Greg Biester, Partner and Co-Head of Investments. “Multifamily transaction volume was strong in the first half of the year, and we strategically took advantage of that strong seller’s market to execute 14 property sales valued at over $925 million.”

The Firm also added over $231 million in real estate to its portfolio in 2022 with the acquisition of four new properties. “We were active yet selective market participants last year,” said Allison Bradshaw, Partner and Co-Head of Investments. “In the shifting capital markets environment, we maintained our focused, disciplined approach to investing, and looking to this year, we have a significant amount of dry powder to deploy and are eager to find interesting investment opportunities. We bring both our value-add expertise as well as a strong background in structuring that may help with deals facing operational or capital stack issues.”

LEM’s value-add multifamily investment program targets equity investments ranging between $10 million and $35 million per property, with total capitalizations ranging from $35 million to $90 million. LEM’s value-add business plans typically contemplate upgrades to apartment interiors and common areas with a particular focus on amenities, seeking to provide a ‘like-new’ experience at a moderate price point for the average working-class renter.  “We work closely with our Operating Partners to help them source and win deals and then work side by side to develop and implement business plans that seek to create value over our typical 4-5-year hold periods,” said Herb Miller, a Co-Founder and Managing Partner.  2022’s results bring LEM’s total volume of multifamily value-add transactions since the start of its multifamily value-add strategy in 2011 to 110 properties acquired and 86 sold.

About LEM Capital

LEM Capital is a real estate private equity firm with a 20-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value to help increase rents through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $8.9 billion in real estate value contributing to their expertise in structuring, execution and asset management. This includes acquiring over 26,000 value-add apartment units since 2011.

Notes –  1 Includes commitments from GP. 2 Total capitalization. All data as of December 31, 2022 unless otherwise noted. In considering the Firm’s 2023 goals, reader should bear in mind these are hypothetical and are not a guarantee of future results.

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Axiom Apartment Homes (“Axiom” or the “Property”), a 202-unit property built in 1987 in Charlotte, NC. The Property was acquired through a joint-venture partnership with a local repeat operating partner with plans to execute a comprehensive value-add business plan.

Axiom is located in the East Charlotte submarket of the MSA, one of the last affordable residential pockets proximate to the Uptown and University job markets. The submarket has continued to demonstrate strong market fundamentals and the neighborhoods around the Property have become a destination for young professionals who desire accessibility to Charlotte’s job nodes without the higher rents typically associated with denser, urban locations. Residents of the Property can benefit from major infrastructure projects like the Independence Boulevard Freeway project and the continued extension of the CityLYNX Gold Line Streetcar project, which demonstrate the City of Charlotte’s commitment to improve the accessibility of East Charlotte. Construction is underway at the former Eastland Mall site which should create a mixed-use anchor for all of East Charlotte.

Despite its infill location, Axiom enjoys a low-density setting with open floorplans and quality amenities.  The Property has a swimming pool, fitness center, clubhouse, and sport court. The renovation plans for the Property include enhancing the existing amenity set and renovating apartment interiors.

“We are very excited about the opportunity to acquire another property in such a rapidly improving neighborhood that is currently experiencing significant momentum from private and public investment,” said Chris Potavin, a Managing Director at LEM. “Charlotte has a diversified employment base with strong fundamentals and stands to perform as de-urbanization trends continue to drive migration away from larger cities.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 20-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value to help increase rents through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $8.9 billion in real estate value contributing to their expertise in structuring, execution and asset management. This includes acquiring over 26,000 value-add apartment units since 2011.¹

Notes: 1 – As of November 29, 2022.