Gregory Biester

Gregory T. Biester is a Partner and Co-Head of Investments at LEM Capital, a Philadelphia-based real estate private equity firm founded in 2002. He is responsible for the firm's overall investment operations — originations, asset management, and portfolio management — and sits on the Management Committee that runs day-to-day operations. He co-leads the investments function alongside Allison Bradshaw. Biester joined LEM in 2015 to lead asset management and sales, and over roughly five years oversaw the disposition of approximately $2.8 billion of real estate across 60 transactions before stepping into a broader acquisitions and originations leadership role.

Biester brings roughly 17+ years of commercial real estate experience spanning brokerage, asset and portfolio management, and accounting. Before LEM, he was an Associate Director at HFF, LP (now part of JLL), where he oversaw a team working across debt, equity, investment sales, and advisory assignments. Earlier, he managed asset management for a nationwide multifamily portfolio at Hunt Investment Management. His earlier career also touched TRECAP Partners, Capmark Financial Group, SEI, and Delaware Investments.

He earned both a Bachelor of Science and an MBA from Villanova University. He was promoted to Partner (from Principal and Co-Head of Investments) on January 11, 2022, alongside Jennifer Clausen.

LEM Capital itself has a 20-plus-year track record focused on protecting investors' downside while pursuing dependable current cash flow and equity upside through market cycles. The firm has raised roughly $1.8 billion in investor commitments and has acquired more than 28,000 value-add apartment units across 100+ properties since 2011.

• Invests exclusively in value-add multifamily — buying well-located apartment properties where LEM can add value through physical upgrades and improved management to increase rents.
• Emphasizes downside protection first: "protecting investment partners' downside and building portfolios to deliver dependable current cash flow and equity upside through all points in the economic cycle."
• Pairs local market expertise from operating partners with disciplined underwriting and intensive asset-level oversight.
• 2026 plan (per Biester): deploy $150–200M of equity across 6–10 new acquisitions, and bring 6–7 assets to market for disposition.
• Constructive on 2026: Biester cites "a more predictable interest rate environment coupled with a falloff in new multifamily supply [that] provided increased clarity for underwriting and valuations."