January 12, 2025

LEM Capital Highlights Strategic 2024 Achievements and Outlines 2025 Multifamily Investment Plans

Philadelphia, PA – LEM Capital, L.P. (“LEM” or the “Firm”) today reflected on their strategic approach to 2024 and shared highlights from their ongoing efforts to stabilize and grow their multifamily portfolio.

“Our focus for our active portfolio this past year has remained consistent—strategic portfolio management with a focus on occupancy and efficiencies,” said Greg Biester, Partner, and Co-Head of Investments. “We executed on several key refinances which gives us the option to hold or sell depending on market dynamics.”

In 2024, the transactions market continued to be challenging. In a time when capital markets were unpredictable and interest rates continued to fluctuate, LEM remained steadfast in their disciplined acquisitions process. “We’ve been patient in identifying storied opportunities to add to our portfolio,” said Allison Bradshaw, Partner, and Co-Head of Investments. “We are excited about the two acquisitions we made this year, both in markets with very limited supply and distinct demand drivers.” The first acquisition is located in Longmont (Boulder), CO, a submarket with minimal new multifamily supply and strong renter demand driven by the significant gap between the cost of owning a home and renting. The second acquisition is in Woodland (Sacramento), CA, a submarket that benefits from a limited new development pipeline and significant barriers to entry, leading to a favorable operating environment and increased demand for multifamily. Many of LEM’s other target markets have faced a surge in new apartment supply over the past two years.1 Despite this near-term influx of inventory, the long-term undersupply of housing across the U.S. remains significant with persistent demand for available inventory.2 LEM anticipates that as construction starts continue to decline and new units are absorbed, the near-term supply/demand imbalance should level off.3

LEM is optimistic about 2025 and the opportunities that lie ahead. “We are well-positioned with ample equity to invest in what we believe will be a good time to be an active buyer as a new market cycle begins,” added Jennifer Clausen, Partner, and Head of Investor Relations. “Our focus for 2025 is to continue identifying compelling opportunities to add to the Portfolio, while working alongside our Operating Partners to execute effectively on our business plans.”

About LEM Capital

LEM Capital is a real estate private equity firm with a 22-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through various market cycles.

The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value to help increase rents through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.

Since 2002, LEM has raised approximately $1.8 billion in investor commitments and invested over $9.2 billion in real estate, contributing to their expertise in structuring, execution and asset management. This includes acquiring over 27,000 value-add apartment units since 2011.

Notes – All data as of December 31, 2024, unless otherwise noted. In considering the Firm’s 2025 goals, reader should bear in mind these are hypothetical and are not a guarantee of future results. 1 – Yardi Matrix, Q3 2024. 2 – “The U.S. is now short 4.5 million homes as the housing deficit grows”, Zillow, June 18, 2024. 3 – Inventory forecast includes single-family rentals and affordable housing and excludes student housing; Yardi Matrix, Q3 2024.