August 7, 2023
LEM Capital Acquires South Florida Property
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.