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 equity

Philadelphia · 23 people tracked

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Investment thesis

LEM Capital focuses exclusively on multifamily real estate, acquiring well-located apartment properties where it can add value and raise rents through physical upgrades and improved property management. The firm combines the local market knowledge and day-to-day operational capacity of a nationwide network of operating partners with its own disciplined investment selection, rigorous due diligence, and intensive asset management oversight. Its stated goal is to deliver dependable current cash flow and equity upside through all points of the economic cycle while protecting investors' downside. LEM's partners are directly involved in every phase of due diligence and asset management, seeking attractive risk-adjusted returns and prioritizing the safeguarding of investment partners' capital.

Invests inPropTechPhiladelphiaUnited States

Source: firm website, verified Aug 7, 2026.

Check

$30M – $90M

Philadelphia, US

Instruments

Equity

Founded

2002

AUM

$1.8B

Tracked investments

Team · 23 people

from the firm's website

Herbert L. Miller, Jr.· Partner | Co-Founder

Co-founder who develops the firm's investment strategy and takes a hands-on role in portfolio management and analysis of economic trends affecting multifamily. He serves on the board of the National Multi-Housing Council and its Finance Committee.

Ira M. Lubert· Founding Partner

Founding Partner and founder of Independence Capital Partners with over 40 years of commercial real estate experience. 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 and directly manages deal origination and underwriting. Previously President and COO of RAIT Investment Trust and CFO of Washington Capital Corporation; a CPA and former supervisor at Touche Ross & Company.

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

Partner and Co-Head of Investments overseeing originations, asset management, and portfolio management. Previously a Managing Director at Greystar overseeing a $1.9bn multifamily portfolio and at Savills; began her career as a licensed structural engineer.

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

Partner and Co-Head of Investments responsible for investment operations including originations and asset management. Previously an Associate Director at HFF and worked at Hunt Investment Management overseeing multifamily asset management.

Jennifer E. Clausen· Partner, Head of Investor Relations

Partner and head of investor relations, responsible for capital raising, LP communications, and the firm's brand and marketing. Previously worked with two NYC 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 managing reporting with joint venture partners. 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 and managing operating-partner relationships, also involved in the firm's compliance committee. Previously co-founded Spring Mill Capital, was COO of Capmark Investments, and practiced real estate law at Dechert LLP.

John Begley· Director | Acquisitions

Director on the acquisitions team 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. Previously at LEM as a Senior Associate (2017-2020), then a VP at Duncan Hillsley Capital; earlier an analyst 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 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 underwriting 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 driving capital formation. Previously 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. Previously 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 day-to-day operations including office administration, HR, IT and cybersecurity, and investor relations activities; also serves 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. Previously worked at KPMG serving asset management clients; a CPA in Pennsylvania.

Matthew Barkann· Analyst | Asset and Portfolio Management

Analyst on the portfolio and asset management team monitoring trends, maintaining fund models, and managing portfolio data. 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, CCO of Capmark Investments, and held compliance roles at SEI Investment Company.

Steven DiLemme· Chief Financial Officer

CFO responsible for financial analysis, fund accounting, capital calls, and financial reporting across 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 and financial modeling. 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.

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