June 1, 2021
LEM Capital Acquires $37.2mm Atlanta, GA Property
LEM Capital Acquires Atlanta, GA Property
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has acquired The Grace Apartment Homes (the “Property”), a 224-unit apartment community located in Southwest Atlanta and built in 2005. 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 long-term local operating partner.
The Southwest Atlanta submarket is a suburban area in the Atlanta Metro that has rapidly transformed over the past several years. The Property is situated along the perimeter of the Fulton Industrial Corridor, home to companies such as Amazon, Google, FedEx, UPS, and Walmart. The Property’s location at the intersection of Fulton Industrial Boulevard and Camp Creek Parkway provides easy access to Southwest Atlanta’s major economic drivers, including Camp Creek Marketplace and Hartsfield-Jackson International Airport.1
The Grace Apartment Homes features a desirable mix of one-, two- and three-bedroom floorplans which should attract a broad base of renters. LEM believes that there is an opportunity to substantially upgrade interiors and 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, landscaping throughout the Property and overall sense of arrival.
“The Grace Apartment Homes represents a unique opportunity to acquire a well-located Property in a transforming submarket with one of our most successful long-term 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 Atlanta 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 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 $1.3 billion in investor commitments2 and has acquired over 23,000 value-add apartment units since 2011.3
Notes: 1 – Offering Memorandum, The Grace Apartment Homes, Berkadia. 2 – As of June 30, 2020. 3 – As of May 19, 2021.