LEM Capital holds $300m final close

LEM Capital, a value-add multifamily investor, has held a $300 million final close for LEM Multifamily Senior Equity Fund IV, reaching its fundraising target, according to Jennifer Clausen, VP investor relations. The fund officially closed on June 30.

LEM Multifamily Senior Equity Fund IV is a value-added fund designed to partner with local operating companies in ventures that buy class-B apartment properties across the country. Most of its deals are expected to be multifamily properties in coastal markets, the Northeast and the metropolitan areas of Dallas, Houston, San Antonio and Austin, Texas;Nashville, Tenn.; Chicago; and Minneapolis.

The fund previously received a $75 million commitment from the Pennsylvania Public School Employees’ Retirement System.

The fund’s predecessor, LEM Multifamily Senior Equity Fund III, held a $226 million final close.

Since its founding in 2002, the firm’s investments include more than 35,000 multifamily units acro