December 11, 2022
LEM Capital Acquires Charlotte, NC Property
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.