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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Investment thesis

LEM Capital focuses on value-add multifamily real estate investing across the United States, acquiring well-located apartment properties where it can add value and raise rents via physical improvements and better property management. With a 23-year track record, the firm emphasizes downside protection, dependable current cash flow, and equity upside across economic cycles. Its strategy combines the local market knowledge and day-to-day execution of a nationwide network of operating partners with LEM's disciplined investment selection, rigorous due diligence, and intensive asset management oversight. The firm's partners are involved in every phase of due diligence and asset management, aiming to deliver attractive risk-adjusted returns while safeguarding investor capital.

Invests inPropTech Philadelphia United States

Source: firm website, verified Aug 25, 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

Co-founder who oversees investment strategy and takes a hands-on approach to managing the portfolio and executing value-add business plans. Sits on the Board of Directors and Finance Committee of the National Multi-Housing Council.

Ira M. Lubert· Founding Partner

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

Jay J. Eisner· Partner | Co-Founder

Co-founder who develops and oversees the firm's multifamily investment strategy, directly managing deal origination, underwriting and operating-partner relationships. Previously President and COO of RAIT Investment Trust and CFO of Washington Capital Corporation, and a former CPA at Touche Ross.

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

Partner and Co-Head of Investments responsible for originations, asset management and portfolio management. Previously a Managing Director on Greystar's Investment Management team overseeing a $1.9B multifamily portfolio, and a Managing Director at Savills; began her career as a structural engineer.

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

Partner and Co-Head of Investments responsible for the firm's overall investment operations. Formerly an Associate Director at HFF and previously oversaw multifamily asset management at Hunt Investment Management.

Jennifer E. Clausen· Partner, Head of Investor Relations

Partner and Head of Investor Relations covering capital raising, LP communications and brand management. Previously worked in investor relations at two New York hedge funds and spent six years as a commercial real estate broker at Cushman & Wakefield.

Brian Cohn· Director | Asset Management

Director on the Asset Management team monitoring investment performance and business plan implementation. Previously a Senior Associate at LeFrak's multifamily asset management arm and an analyst at US Masters Residential Property Fund.

David Lazarus· Managing Director | Acquisitions

Managing Director leading the acquisitions team in evaluation, underwriting and due diligence, and managing operating-partner relationships. Formerly co-founder of Spring Mill Capital, COO of Capmark Investments, and a real estate attorney at Dechert LLP.

John Begley· Director | Acquisitions

Director on the Acquisitions team responsible for sourcing and underwriting new acquisitions. Previously VP of Investments at CP Capital and an analyst at Glenmont Capital Management and FBE Limited.

Kevin Weidman· Managing Director | Acquisitions

Managing Director on the Acquisitions team sourcing and underwriting investments in Florida and West Coast markets. Rejoined LEM after a VP role at Duncan Hillsley Capital, with earlier experience at Radnor Property Group and CBRE.

Luke Perl· Managing Director | Head of Asset and Portfolio Management

Managing Director and Head of Asset and Portfolio Management overseeing the firm's investments and value-add business plan execution. Previously VP of Asset Management at Resource Real Estate and an analyst at PREIT.

Aaron Seidman· Vice President | Acquisitions

Vice President on the Acquisitions team working on sourcing, underwriting and due diligence of new acquisitions. Previously a Portfolio Manager at Firstrust Bank focused on multifamily construction loans.

Albert Shammah· Drexel | Co-op

Gwyndolyn Richmond· Vice President | Investor Relations

Vice President of Investor Relations serving as a key contact for investor partnerships and capital formation. Formerly VP of Capital Formation at NewSpring Capital and Marketing Manager at GF Data.

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

Chief Compliance Officer overseeing the firm's regulatory and compliance programs and Code of Ethics. Formerly a VP and Compliance Officer at First Eagle Alternative Credit and a Compliance Officer at Independence Capital Partners.

Kaderra Robinson· Operations Manager and Investor Relations Analyst

Operations Manager overseeing office administration, HR, IT and 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 and management company. A Pennsylvania CPA who previously served asset management clients at KPMG.

Matthew Barkann· Analyst | Asset and Portfolio Management

Analyst on the Portfolio and Asset Management team supporting property-level strategy and fund performance through data monitoring and fund modeling. Previously worked in commercial real estate brokerage and multifamily development.

Michelle Vaughn· Compliance Consultant

Compliance Consultant overseeing the firm's regulatory and compliance programs and Code of Ethics. Formerly a regulatory consultant at Deloitte, CCO of Capmark Investments, and held compliance roles at SEI.

Steven DiLemme· Chief Financial Officer

Chief Financial Officer responsible for financial analysis, fund accounting, capital calls and reporting for the firm's funds and management company. Previously a Financial Manager at Northeast Communications Group.

Thomas Delaney· Analyst | Acquisitions

Analyst on the Acquisitions team supporting underwriting and due diligence, including market research, financial modeling and comparable property analysis. Held college co-op roles at Peaceable Street Capital, National Real Estate Development and Marcus & Millichap.

Tori Yost· Investor Relations Analyst

Investments · 4 tracked

founders shown can be your intro path

Arbors

Multifamily community whose dated pool area was upgraded with a contemporary color scheme, screened lanai, private cabanas, and a summer kitchen.

Brookhaven Apartments

Apartment community in Atlanta, Georgia.

Valley Lo Towers

Multifamily community where a confined, outdated kitchen was renovated into a brighter, more open space with contemporary appliances and finishes.

Water's Edge

Multifamily community where an underutilized racquetball court and undersized fitness facility were transformed into a state-of-the-art gym, resident storage, and a poolside club room.

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.

Images

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