May 14, 2012

LEM Capital Closes $5.9 Million Joint Venture Transaction in Tampa, Florida

LEM Capital, L.P. (“LEM”) is pleased to announce the closing of a $5.9 million joint venture investment in connection with the acquisition of the Lakes of Northdale Apartments, a 216 unit multifamily property located in the Carrollwood submarket of Tampa, Florida. LEM’s operating partner in the transaction plans a “value-add” business plan for the property, which will include interior and exterior improvements to the property and upgrades to the property’s amenities.

“This investment was our second investment with this partner, a premier owner/operator of apartment communities in southern Florida,” said Jay Eisner, a founding partner at LEM. “The property’s in-fill location in a strong sub-market, combined with the team’s hands on management expertise and past experience implementing similar value-add strategies offered a compelling investment opportunity for the firm.”