September 27, 2023
LEM Capital Acquires Austin, TX Property
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