November 14, 2015
LEM Capital Closes $6.5 Million Joint Venture Transaction in Durham, North Carolina
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $780 million of committed capital, has funded a $6.5 million joint venture investment for the acquisition and renovation of Emerald Forest (the “Property”), a 320-unit multifamily property located in Durham, North Carolina. Plans are to execute a value-add business plan that will include renovating unit interiors, heightening curb appeal, submetering utilities, upgrading amenities and improving onsite management.
Emerald Forest is a garden style asset that was built in 1985 and features a mix of studios, one, two and three-bedroom units. The Property is located in South Durham, within 20 minutes of downtown Durham and downtown Raleigh, and less than three miles west of the Research Triangle Park (“RTP”), which is the largest planned research park in the country. Emerald Forest benefits from its positioning on a major artery and offers excellent drive by visibility to the RTP’s 42,000 employees. The Property was acquired in partnership with a best in class vertically integrated owner/operator with substantial experience in the Raleigh-Durham market.
“The acquisition of Emerald Forest represents the opportunity to implement a physical and management value add program on a well located and high quality asset” said David Lazarus, a partner at LEM. “The Property’s proximity to the Research Triangle Park, upside potential and ability to attract a high quality tenant should allow LEM to generate value for our investors.”