November 15, 2021
LEM Capital Announces Third Quarter Capital Markets Activity
Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced a summary of its third quarter capital markets activity, which included three acquisitions, three dispositions, and one refinance representing over $493mm in transaction volume. LEM made acquisitions in Nashville, Phoenix and Sacramento between August and September. In addition, LEM sold three properties totaling 700 units, which traded in suburban markets in Atlanta, Phoenix, and Los Angeles, with a total sales volume of over $178 million. Over the past two years, LEM has completed 23 dispositions,1 totaling over $1.2 billion in sales proceeds.
“We are seeing strong demand for our properties once we complete our value-add business plans, especially in diverse growth markets like Sacramento, Phoenix, Atlanta and Tampa,” said Greg Biester, Principal and Co-Head of Investments for LEM. “Our dispositions have been efficient with a variety of buyers bidding through a competitive process.”
Since 2011, LEM has acquired 103 multifamily properties and sold 71 assets, with ten acquisitions and six dispositions taking place post-COVID. Currently, LEM is actively marketing or negotiating the sale of two additional properties with more potential sales on the horizon.
“On the acquisition front, we are on track to have our best year for transaction volume since we started our value-add strategy in 2012,”2 said Allison Bradshaw, Partner of LEM. The LEM team is continuing to actively monitor its target markets and economic conditions, looking for compelling and unique opportunities to add to its portfolio.
LEM invests in apartment properties located in primary and secondary suburban markets on the east and west coasts, the four major cities in Texas, Phoenix, Denver, Minneapolis, Chicago, Nashville and other cities on a select basis. “We invest and partner with locally based, best-in-class operating partners, who really have their pulse on the market,” said Jay Eisner, Managing Partner of LEM. “We work side by side to identify unique investment opportunities in today’s competitive market.”
About LEM Capital
LEM Capital is a real estate private equity firm with an 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 are multifamily experts that seek to acquire well-located apartment properties where LEM can create 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 over $1.3 billion in investor commitments and invested over $8 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 24,000 value-add apartment units since 2011.3
Notes: 1 – Includes all sales closed between 3Q2019 to 3Q2021. 2 – Based on total LEM equity invested. There is no guaranty deals in the pipeline will close until final. 3 – As of October 7, 2021.