July 9, 2013
LEM Capital Closes $4.0 Million Joint Venture in Garland, Texas
LEM Capital, L.P. (“LEM”) has funded a $4.0 million joint venture investment for the acquisition and upgrade of an apartment complex in Garland, Texas. The venture acquired Brentwood Trace, a 198-unit multifamily property, completing a five property portfolio acquisition totaling 969 units including four other properties in Round Rock and San Antonio, Texas. The portfolio represents the fourteenth value-add multifamily investment that LEM has made in the past 15 months. Plans are to execute a value-add strategy at the property which will include updating and upgrading the exteriors including signage, landscaping, and amenities; interior unit upgrades including new appliances, flooring, fixtures and lighting packages; and addressing deferred maintenance issues via roof and other exterior repairs.
Brentwood Trace was built in 1983 and features a mix of one and two bedroom units. A complete package of on- site amenities includes a renovated pool, fitness center, jogging trail and BBQ grills. Brentwood Trace is well located in Garland, Texas, close to major employers in Richardson and Plano including AT&T, Bank of America, Blue Cross Blue Shield, Ericsson, Raytheon and Fujitsu. LEM’s operating partner is a strong owner-operator with a portfolio of over 27,000 units located throughout the southeastern United States. The portfolio is LEM’s second joint venture with this sponsor.
“Our value-add strategy for the entire portfolio includes property upgrades and bringing on our partner’s hands-on management team” said Herb Miller, a founding partner at LEM. “Each asset has strong upside potential due to their infill locations and employment rich submarkets.”