Fund Management

Investing in the Future

L+M Development manages discretionary real estate private equity funds with $400 million in committed capital on behalf of institutional investors.

Since 2008, L+M’s fund business has been committed to investing, preserving and developing workforce, affordable, mixed-income and market-rate housing, as well as retail and office properties in the greater New York area. L+M has raised $450 million through five funds in just over five years, demonstrating the ability to invest significant private capital in the NYC workforce and affordable housing market.

L+M and Citi Community Capital launched the New York Affordable Housing Preservation Fund (NYAH), a real estate private equity fund platform formed to invest in multifamily housing in low- and moderate-income neighborhoods in New York City. L+M and the Goldman Sachs Urban Investment Group formed GSLM Capital Partners, a private equity vehicle to invest in development opportunities including multifamily and mixed-use projects in the New York City metropolitan area.

Through these investment funds, L+M employs value-add strategies to acquire and develop affordable and mixed-income multifamily housing in the New York City metro area. L+M is able to deliver competitive risk-adjusted returns through a fully integrated team of investment professionals with development, construction, finance and operations expertise. L+M’s fund management platform combines the discipline and successful track record of financially-driven real estate investing with a commitment to the creation of high-quality housing and vibrant communities in the New York City area. To date, the L+M Fund Management Group has successfully acquired and/or financed the acquisition or development of over 10,000 multifamily units in 45 fund investments with greater than $2.2 billion capitalization.

L+M’s fund management platform is currently focused on opportunities in three primary areas:

  • Acquisition of existing multifamily assets (e.g. project-based Section 8 buildings, former or current Mitchell-Lama developments, large-scale rent stabilized portfolios, etc.)
  • Development of ground-up new construction multifamily and mixed-use projects (e.g. 50/30/20 or 80/20 projects)
  • Distressed real estate opportunities (e.g. note-purchases, bridge investments)

The target size for equity investments is $10+ million for development and $20+ million for acquisitions but can be greater (or lesser) depending on the nature of the opportunity. If you have an interest in partnering with L+M for capital or strategic needs, please feel free to contact Eben Ellertson at 212.600.2922.