LEM Multifamily Fund V holds final close

LEM Multifamily Fund V, a value-add fund managed by LEM Capital, has closed on $330.75 million in capital commitments.

The investment vehicle was targeting $400 million to invest into multifamily assets in the United States.

The fund opened to investors in April 2018. Six months later, the fund had secured roughly $142 million from 27 investors, according to an SEC Form D filed in November 2018. Among the fund’s investors were the Pennsylvania Public School Employees’ Retirement System, which committed $100 million to the fund in June 2018.

The firm’s fourth discretionary fund and Fund V’s predecessor closed in August 2017 at $300 million, according to a statement from LEM Capital. Fund IV’s strategy was to invest exclusively in class B multifamily properties in primary an