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Lucern Capital Partners (“LCP”), a real estate private equity firm based out of New Jersey, announces the launch of Lucern Philadelphia Value Fund I, L.P. (“LPVF I”), a real estate investment fund focused on multifamily and mixed-use investments in the Philadelphia MSA. LPVF I is targeting a minimum equity capital commitment of $25 million, with a targeted deployment of $75 million in asset value with leverage.
The firm’s principals have been active in the Philadelphia MSA for the last decade, completing a multitude of transactions, the most recent of which was the acquisition of Del Campo Apartments in late 2019. After acquisition, Del Campo Apartments underwent a multimillion dollar renovation and was rebranded to Carriage Wheel Lofts. Located in the booming Northern Liberties neighborhood of Philadelphia, Carriage Wheel Lofts is indicative of the firm’s historical strategy and execution. LCP will execute a similar strategy for acquisitions in LPVF I. The fund’s first acquisition is located in Center City and expected to close early November.
“We are excited to continue our strong performance in the Philadelphia marketplace. Philadelphia’s story improves further with each passing year, and the data is supportive of long-term expansion of the rental market. With consistently strong wage and employment growth, and one of the highest concentrations of millennials out of large cities in America, Philadelphia’s rental market is poised for long-term structural tailwinds that are supportive of our investment thesis. While broad reports of tenant exodus from major cities as a result of COVID-19 are exaggerated, cities like Philadelphia are well positioned to benefit from telework/remote employment trends. We continue to see applicants in our buildings that have left New York City or New Jersey’s “Gold Coast” and are intrigued by Philadelphia’s lower cost of living, vibrant food and nightlife scene, and easy accessibility to other large cities in the Northeast,” said Frank Forte, Managing Partner and Chief Investment Officer of Lucern Capital Partners.
The firm which was founded in 2016, is active and focused on the Northeast and Southeast markets of the United States, primarily New Jersey, Philadelphia and Carolinas MSAs. The firm seeks compelling risk-adjusted yields in the multifamily arena, investing in core-plus, value-add, and opportunistic return profiles.
For investor relations, please contact David Hansel, Managing Partner and Head of Capital Management at david.hansel@lucerncapital.com or 732-875-1190 ext. 101. For other inquiries, or acquisition opportunities please visit www.lucerncapital.com, or email info@lucerncapital.com.
