August 3, 2015
LEM Capital Closes $7 Million Joint Venture Transaction in Florida
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $780 million of committed capital, has funded a $6.97 million joint venture investment for the acquisition and renovations of The Fountains Apartments (“Fountains”) and Landmark at Waverly Place Apartments (“Waverly”, together, the “Portfolio”). Fountains is a 542-unit property located in Palm Beach Gardens and Waverly is a 208-unit property located in Melbourne, Florida. Plans are to execute a value-add strategy for the Portfolio, which will include improvements to the building exteriors, upgrades to the clubhouse and amenity packages, minor renovations to the unit interiors, addressing deferred maintenance, and improving management through our local partner.
The Portfolio contains a mix of one, two, and three bedroom units featuring open floor plans with patios or balconies. Fountains is located in Palm Beach Gardens and is conveniently located less than five miles from the ocean and its accompanying tourist beaches. Known as the “Golf Capital of the World” with 12 professional golf courses within the city limits, Palm Beach Gardens features high-end retail, restaurants, hotels, and a variety of employment drivers. Fountains benefits from excellent highway access to both I-95 and the Florida Turnpike, and is proximate to the heavily traveled intersection of PGA Boulevard and Military Trail. Waverly is located in the city of Melbourne, 65 miles southeast of Orlando, in the heart of Florida’s Space Coast. In addition to being a tourist destination, Melbourne has a strong economy rich in defense, aviation, and technology companies.
“Fountains was extensively renovated in the early 2000’s with condominium quality interior finishes and Waverly received interior upgrades in 2012.” said Jay Eisner, a founding partner at LEM.“Our partner’s management expertise combined with improvements to the properties’ curb appeal and amenities should create substantial value for the partnership.