August 7, 2016
LEM Capital Closes $10.6 Million Joint Venture Transaction in Baltimore, Maryland
Philadelphia, PA – LEM Capital, L.P. (“LEM”), has funded a $10.6 million joint venture investment for the acquisition and renovation of Belvedere Towers (the “Property”), a 238-unit, nine-story high-rise apartment community located in Baltimore, Maryland. The Property was acquired in a joint venture with a locally- focused sponsor that owns and operates a portfolio of multifamily and commercial properties in the greater Baltimore area. The sponsor’s value-add business plan includes transforming the Property’s exterior, remodeling and enhancing the lobby and amenity package, improving the curb appeal, and renovating unit interiors.
Belvedere Towers, which will be renamed as part of a comprehensive re-branding initiative, was built in 1965 and features a mix of studio, one, two, and three bedroom units with open floor plans, including in-unit washer and dryer appliances. Belvedere Towers is located approximately six miles north of downtown Baltimore in between the affluent Roland Park and Mount Washington neighborhoods, which feature strong demographics, sought-after schools and high -end single family homes. The Property benefits from strong drive-by visibility and immediate highway access to the Jones Falls Expressway, and is less than one mile from local employment drivers such as Johns Hopkins at Mount Washington, Mount Washington Pediatrics Hospital, and Sinai Hospital. In addition, nearby entertainment, dining and retail amenities include the Mount Washington Village, the Village of Cross Keys, and neighborhood retail centers that include numerous dining and retail destinations such as Whole Foods Market, Williams Sonoma, Talbots, and Starbucks among others.
“Belvedere Towers is a unique re-positioning opportunity where we can modernize a well-located property by installing contemporary finishes on the property’s exterior, unit interiors and amenities.” said David Lazarus, a partner at LEM. “We are also excited to begin a new partnership with a local, vertically integrated owner and operator that has a proven track record of executing value-add renovations in the Baltimore area.”