February 13, 2017

LEM Capital Closes $6.1 Million Joint Venture Transaction in Northglenn, CO

Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $6.1 million joint
venture investment for the acquisition and renovation of Village at North Hills (the
“Property”), a 168-unit garden-style apartment community located in Northglenn,
a northern suburb of Denver. The Property was acquired in a joint venture with a
locally based, vertically integrated owner-operator focused on multifamily valueadd
transactions in Colorado. The sponsor’s value-add business plan includes
renovating unit interiors, enhancing exterior curb appeal, remodeling the
clubhouse with an expanded fitness center, modernizing the pool and outdoor
entertainment space and instituting a more professional approach to property
management and marketing.

Village at North Hills was built in 1999 and features a mix of one and two
bedroom units. The Property’s location features strong highway access and is
situated between two of northern Denver’s major thoroughfares (Interstate 25
and Huron Street) just one mile south of 120th Avenue, a central retail corridor in
the submarket. The I-25 provides convenient access to job hubs south in
downtown Denver and the Anschutz Medical Campus, and north in the I-36 office
corridor and Boulder. Public transportation options are also conveniently located:
an RTD Park n’ Ride bus depot is within walking distance, and new light rail
stations are scheduled to open nearby in 2018 on the North Metro Rail Line.
“We are excited about the acquisition of a well-located, newer vintage property
that represents an opportunity to execute a multifaceted value-add renovation,”
said David Lazarus, a partner at LEM. “The Property’s accessibility to
transportation nodes and job hubs and the contemplated renovation program
should help to generate increases in cash flow and value for our investors.”