Overview
LEM Capital, L.P. (“LEM”) is an investment management firm co-founded by Ira M.
Lubert, Jay J. Eisner, and Herbert L. Miller, Jr. in 2002. Messrs. Lubert, Eisner, and
Miller collectively have over 85 years of experience in making real estate investments
specializing in the underwriting, structuring, recapitalizing and refinancing investment
transactions in the private and public real estate industry. Most of their careers have been
spent in the real estate industry and they have extensive real estate experience in
acquisition, ownership, management, and finance. The day-to-day investment operations
of LEM are led by Allison Bradshaw, Greg Biester, and Jennifer Clausen (“Partners”)
with the oversight of Messrs. Eisner, and Miller (“Founding Partners”) and together with
the Partners known as LEM’s Management Committee.
LEM’s investment team consists of approximately 7 experienced professionals with
strong backgrounds in multifamily and commercial real estate, private equity, debt
markets, bridge loans, leveraged finance, mezzanine loans and lines of credit. Since
2011, the Founding Partners and the investment team have focused exclusively on
making equity investments in multifamily properties across the United States.
References herein to LEM will include, as the context requires, various entities
controlled by LEM or its partners and entities in which LEM provides investment
management services, such as affiliated general partners.
LEM provides investment management services to privately offered
pooled
investment vehicles, which are generally organized as limited partnerships (each a
“Fund” or collectively known as the “LEM Funds”), which will make real estate
investments, primarily consisting of joint venture equity. LEM Funds will typically
invest along with third party operating partners to form underlying joint venture
partnerships or limited liability companies that invest in underlying real estate. Since
these operating partners are independent third parties, they will typically receive
compensation directly from these joint ventures for their services. This compensation
will be in the form of an asset management fee, property management fee (if the
operating partner or an affiliate manages the property), a construction management fee,
a promote or carried interest structure, or other fees. Any compensation paid to these
third-party operating partners will not offset LEM’s management fees or be treated as
“special income.”
The Funds are intended only for investment by “accredited investors,” “qualified clients”
and “qualified purchasers” as those terms are defined under the Federal Securities Laws.
Each Fund’s investment objective includes providing a certain level of returns net of
fees and expenses as described in detail in each Fund’s governing documents.
As of December 31, 2023, LEM’s regulatory assets under management were
$683,648,378 in Fund assets (i.e., Funds’ total assets and uncalled capital commitments),
and are all managed on a discretionary basis.