What is LEM Multifamily's typical check size?

LEM Multifamily typically writes checks of $30M – $90M.

What sectors does LEM Multifamily focus on?

LEM Multifamily focuses on PropTech.

Where is LEM Multifamily located?

LEM Multifamily is headquartered in Philadelphia, US.

LEM Multifamily

Private equityoperating company · company profile

Philadelphia · 23 people tracked

Also known as LEM CAPITAL, L.P.

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Find your way into LEM Multifamily

1,168 people in our graph share verified history with the LEM Multifamily team — schools, employers, funds. One of them is your warm intro.

René Kuijtenunlockedknows David Lazarus · together at Harvard University (overlapped)

×3knows the team · via University of Michigan

×2knows the team · via Harvard University

×2knows the team · via Boston College

knows the team · via CBRE

knows the team · via Whitman School of Management at Syracuse University

✨ Fox Verdict

Investment thesis

LEM Capital is a real estate private equity firm with a 23-year track record focused on multifamily apartment investments across the United States. The firm acquires well-located apartment properties where it can add value and raise rents through physical upgrades and improved property management. Its approach pairs the local insight and day-to-day management of a nationwide network of operating partners with LEM's disciplined deal selection, rigorous due diligence and intensive asset management oversight. The stated goal is to protect investors' downside while delivering dependable current cash flow and equity upside through all points of the economic cycle, generating attractive risk-adjusted returns.

Invests inPropTech Philadelphia United States

Source: firm website, verified Sep 15, 2026.

Check

$30M – $90M

Philadelphia, US

Instruments

Equity

Founded

2002

AUM

$661.4M

Tracked investments

Team · 23 people

from the firm's website

Herbert L. Miller, Jr.· Partner | Co-Founder· Philadelphia, Pennsylvania, United Statesin

Co-founder of LEM who develops the firm's investment strategy and takes a hands-on role managing the portfolio and overseeing deal origination and asset management. Holds degrees from Boston College and Columbia.

Ira M. Lubert· Founding Partner

Founding Partner and founder of Independence Capital Partners with over 40 years of commercial real estate experience. Co-founder of TL Ventures and Radnor Venture Partners within the Safeguard Scientifics family.

Jay J. Eisner· Partner | Co-Founder· Philadelphia, Pennsylvania, United Statesin

Co-founder of LEM who develops and oversees the firm's multifamily investment strategy and directly manages deal origination and underwriting. Previously President and COO of RAIT Investment Trust and a CPA with Touche Ross.

Allison R. Bradshaw· Partner, Co-Head of Investments

Partner and Co-Head of Investments responsible for originations, asset and portfolio management. Previously a Managing Director on Greystar's Investment Management team overseeing a $1.9bn multifamily portfolio.

Gregory T. Biester· Partner, Co-Head of Investments· Greater Philadelphiain

Partner and Co-Head of Investments overseeing investment operations. Previously an Associate Director at HFF and worked at Hunt Investment Management managing a nationwide multifamily portfolio.

Jennifer E. Clausen· Partner, Head of Investor Relations· New York, New York, United Statesin

Partner and Head of Investor Relations, leading capital raising, LP communications and brand management. Previously worked with two NYC hedge funds and as a commercial real estate broker at Cushman & Wakefield.

Brian Cohn· Director | Asset Management· New York City Metropolitan Areain

Director on the Asset Management team monitoring investment performance and JV reporting. Previously a Senior Associate with LeFrak's multifamily asset management arm.

David Lazarus· Managing Director | Acquisitions· Philadelphia, Pennsylvania, United Statesin

Managing Director leading the acquisitions team and managing the firm's compliance efforts. Previously co-founded Spring Mill Capital and was COO of Capmark Investments; began his career as a real estate lawyer at Dechert.

John Begley· Director | Acquisitions· New York, New York, United Statesin

Director on the Acquisitions team sourcing and underwriting new acquisitions. Previously VP of Investments at CP Capital, a NY real estate private equity firm.

Kevin Weidman· Managing Director | Acquisitions· Philadelphia, Pennsylvania, United Statesin

Managing Director on the Acquisitions team sourcing and underwriting investments in Florida and West Coast markets. Rejoined after a stint as VP at Duncan Hillsley Capital.

Luke Perl· Managing Director | Head of Asset and Portfolio Management· Philadelphia, Pennsylvania, United Statesin

Managing Director and Head of Asset and Portfolio Management overseeing execution of value-add business plans. Previously VP of Asset Management at Resource Real Estate.

Aaron Seidman· Vice President | Acquisitions· Philadelphia, Pennsylvania, United Statesin

VP on the acquisitions team working on sourcing and underwriting new acquisitions. Previously a Portfolio Manager at Firstrust Bank underwriting multifamily construction loans.

Albert Shammah· Drexel | Co-op

Gwyndolyn Richmond· Vice President | Investor Relations

VP of Investor Relations serving as a key contact for investor partnerships and capital formation. Previously VP of Capital Formation at NewSpring Capital.

Jack McFarlane· Analyst | Acquisitions

Analyst on the Acquisitions team supporting underwriting and due diligence across the transaction lifecycle. Previously an Acquisitions and Asset Management Analyst at Rubenstein Partners.

Julianne Walsh· Chief Compliance Officer· New York, New York, United Statesin

Chief Compliance Officer overseeing regulatory and compliance programs. Previously a Compliance Officer at First Eagle Alternative Credit and Independence Capital Partners.

Kaderra Robinson· Operations Manager and Investor Relations Analyst· Philadelphia, Pennsylvania, United Statesin

Operations Manager overseeing office administration, HR, IT/cybersecurity and investor relations activities, also serving as an Investor Relations Analyst.

Katherine McAssey· Accounting Manager

Accounting Manager involved in financial analysis and reporting for the firm's funds. Previously worked at KPMG serving asset management clients; a Pennsylvania CPA.

Matthew Barkann· Analyst | Asset and Portfolio Management· Philadelphia, Pennsylvania, United Statesin

Analyst on the Portfolio and Asset Management team monitoring trends and data and maintaining fund models. Previously worked in commercial real estate brokerage and multifamily development.

Michelle Vaughn· Compliance Consultant

Compliance Consultant overseeing the firm's regulatory and compliance programs. Previously a regulatory consultant at Deloitte and CCO of Capmark Investments.

Steven DiLemme· Chief Financial Officer· Philadelphia, Pennsylvania, United Statesin

CFO responsible for financial analysis and reporting across the firm's funds and management company. Previously a Financial Manager with Northeast Communications Group.

Thomas Delaney· Analyst | Acquisitions· Philadelphia, Pennsylvania, United Statesin

Analyst on the Acquisitions team supporting underwriting and due diligence. Worked as a college co-op at Peaceable Street Capital, National Real Estate Development and Marcus & Millichap.

Tori Yost· Investor Relations Analyst· Philadelphia, Pennsylvania, United Statesin

Tori Yost is an Investor Relations Analyst at LEM Capital, where she supports capital raising and investor strategy, assists with limited partner and consultant relationship management, prepares marketing collateral, and coordinates investor onboarding and closing logistics. She previously completed co-ops at Pennrose and Independence Blue Cross, gaining experience in real estate asset management, financial analysis, underwriting, portfolio management, and data analytics. Yost holds a Bachelor of Science in Business Administration in Finance and Real Estate Management & Development from Drexel University, where she was a four-year member and senior-season captain of the Division I women's soccer team.

Founder mafia

2 people who came through LEM Multifamily went on to found or lead other companies.

Jay J. EisnerPartner | Co-FounderFounded Lemcapital Herbert L. Miller, Jr.Partner | Co-FounderFounded Lemcapital

Investments · 4 tracked

founders shown can be your intro path

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

ArborsBrookhaven ApartmentsValley Lo TowersWater's Edge

Fund performance · per public LP disclosures · 4

as of Sep 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
LEM Multifamily Fund VI, L.P.LPs: Pennsylvania Public School Employees' Retirement System	2021	—	-10.9%	0.80x	0.01x
LEM Multifamily Fund V, L.P.LPs: Pennsylvania Public School Employees' Retirement System	2018	—	12.9%	1.47x	0.77x
LEM Multifamily Senior Equity Fund IV, L.P. Real EstateLPs: Pennsylvania Public School Employees' Retirement System	2015	—	—	1.90x	1.88x
LEM Real Estate Mezzanine Fund II, L.P.LPs: North Carolina Retirement Systems	2006	—	3.1%	1.29x	1.29x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

What is LEM Multifamily's typical check size?: LEM Multifamily typically writes checks of $30M – $90M.
What sectors does LEM Multifamily focus on?: LEM Multifamily focuses on PropTech.
Where is LEM Multifamily located?: LEM Multifamily is headquartered in Philadelphia, US.

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