UPDATED: LEM Capital launches new multifamily fund

LEM Capital has announced its first close for LEM Multifamily Fund VI. The closing, which took place on July 9, consisted of $42.20 million.

The launch of Fund VI comes a year after the fund’s predecessor, LEM Multifamily V, closed at $330.8 million, exceeding its fundraising target of $300 million. Fund V targets investments in class B value-add multifamily properties in primary and secondary suburban markets across the United States. According to LEM, more than 80 percent of investors in Fund V were repeat investors from previous fundraises, including the two lead investors.

LEM invests in apartment assets located in primary and secondary markets on the East and West coasts, the four major cities in Texas, Phoenix, Denver, Minneapolis, Chicago, Nashville and other cities on a select basis.

A previous version of this story incorrectly cited a fil