December 1, 2015
LEM Capital Closes $8.7 Million Joint Venture Transaction in Greensboro, North Carolina
Philadelphia, PA – LEM Capital, L.P. (“LEM”), a real estate fund manager with more than $830 million of committed capital, has funded an $8.7 million joint venture investment for the acquisition and renovation of Abbington Place (the “Property”), a 360-unit multifamily property located in Greensboro, North Carolina. The Property was acquired in partnership with an experienced, vertically integrated owner/operator that is headquartered in Charlotte and has a substantial portfolio in the Piedmont Triad region. Plans are to execute a value- add business plan at the Property that will include modernizing the exteriors, upgrading unit interiors and undertaking a major renovation of the amenity package, including a reconfigured clubhouse.
Abbington Place is a garden style asset that was built in 1997 and features a mix of one, two and three-bedroom units, a large clubhouse/fitness center and expansive grounds. The Property is located in Greensboro, which is the largest city in the Piedmont Triad region and an hour’s drive from both Charlotte and Raleigh-Durham. Greensboro benefits from its central location within North Carolina and has become the state’s logistics and manufacturing hub. Abbington Place is situated in a mature submarket with minimal new construction and is minutes from Greensboro’s largest employment hubs and the city’s primary retail corridor. The Property benefits from significant frontage on the heavily traveled Bridford Parkway and excellent highway access.
“Infusing fresh capital into Abbington Place allows us to implement a physical value add program that will improve the Property’s unit interiors, amenities and curb appeal” said David Lazarus, a partner at LEM. “The opportunity to provide prospective tenants with updated interiors and amenities at an affordable price should create value for our investors.”