red bank, new jersey, October 8, 2020 /PRNewswire/ — Lucerne Capital Partners (“LCP”) new jerseyannounced the launch of Lucern Philadelphia Value Fund I, LP (“LPVF I”), a real estate investment fund focused on multi-family and mixed-use investments in the Philadelphia MSA. LPVF I targets a minimum capital commitment. $25 milliontargeted deployment $75 million Increased asset value through leverage.
The company’s principals have been active in the Philadelphia MSA over the past decade, completing a number of transactions, the most recent of which was the acquisition of Del Campo Apartments in late 2019. After the acquisition, Del Campo Apartments underwent a multi-million dollar renovation and was rebranded as Carriage Wheel Lofts.Located in the fast-growing Northern Liberties district Philadelphia, Carriage Wheel Loft, illustrates the company’s historical strategy and execution. LCP will execute a similar strategy for its acquisition of LPVF I. The Fund’s first acquisition was center city It is scheduled to close in early November.
“we, Philadelphia market. of Philadelphia The story gets better year after year, and the data confirms the long-term expansion of the rental market. Consistently strong wage and employment growth makes it one of the most concentrated millennials in America’s metropolitan areas. of Philadelphia The rental market is poised for long-term structural tailwinds, which underpins our investment theory. Widespread reports of tenant exodus from major cities as a result of COVID-19 have been exaggerated, Philadelphia We are well-positioned to benefit from the telework/remote hiring trend.We keep seeing applicants in our building who left new york city Also of new jersey “gold coast” is intriguing of Philadelphia It has a low cost of living, a vibrant dining and nightlife scene, and easy access to other large cities in the Northeast. ” Frank ForteManaging Partner and Chief Investment Officer of Lucern Capital Partners.
Founded in 2016, the company is active and focused on the Northeast and Southeast markets usa,mainly new jersey, Philadelphia and Carolina MSA. The firm seeks compelling risk-adjusted yields in the multifamily market and invests in core-plus, value-add and opportunistic return profiles.
Contact us for investor information David HenselManaging Partner and Head of Capital Management [email protected] or 732-875-1190 ext. 101. For any other inquiries or acquisition opportunities, please visit: www.lucerncapital.comor email [email protected].
Source Lutzen Capital Partners
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