December 21, 2021
LEM Capital Acquires $59 million Richmond, VA Property
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired Park West End (the “Property”), a 312-unit apartment community located in the Northwest submarket of Richmond that was built in 1985. 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.
The Northwest Richmond submarket is adjacent to Downtown and has grown steadily over the past several years. The Property is centrally located in the Richmond submarket, home to companies such as Capital One, VCU Health, HCA Health, Dominion Energy, and Truist. The Property’s location proximate to the intersection of N Broad St and I-64 provides easy access to Richmond’s major economic drivers, including Short Pump Town Center and Innsbrook Office Park.
Park West End features a desirable mix of one and two-bedroom floorplans which should attract a broad base of renters. LEM believes that there is an opportunity to substantially upgrade interiors to create best in class units. The business plan also includes a comprehensive exterior and amenity renovation plan to improve the clubhouse facility and pool area, exterior curb appeal and overall entrance experience, and landscaping throughout the Property.
“Park West End represents a unique opportunity to acquire a well-located Property in a transforming submarket with one of our most successful operating partners,” said Gregory Biester, a Principal at LEM. “The Property has significant physical upside, and we believe that it will benefit greatly from the positive demographic trends in the submarket and the Richmond MSA.”
About LEM Capital
LEM Capital is a real estate private equity firm with a 19-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 and 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 local partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.
Since 2002, LEM has raised over $1.5 billion in investor commitments(1) and has acquired over 25,000 value-add apartment units since 2011.(2)
Notes: (1) As of December 15, 2021. (2) As of December 16, 2021.