Surprisingly little info about this group on the forum given the company's prominence, anyone have insights to firm culture / reputation? Their multi arm (LMC) is a fairly newer group based in Charlotte, NC but has done some great deals.
Seems like they've had a few layoffs lately too...anyone heard anything?
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Did a walk thru in one of their model homes while home shopping and the layout was complete dog shit. Not a RE dev guy but that's my 2 cents. I guess 1 cent lmao
Lol, well still a data point. Thanks. Anyone have insight to their multi group?
LMC is an interesting shop. They have do a lot of cool deals and some that make absolutely no sense whatsoever. Super low cost of capital. Mostly build and hold from what I can tell. When the market recovers, I could see them IPO'ing.
Yeah I think so too (on the IPO piece). Curious what you mean by some deals make no sense? As in, the scale of the projects given the surrounding area?
There's a deal they are doing in Charlotte that is one of the ballsy-est projects in at least a decade in a location that makes absolutely no sense. There's no way they are realistically building it for more than a 5 YoC. They might tell themselves something different, but it's a tough location that probably isn't getting better anytime soon. Building like a million units. Rents are dogshit. Their only real comp has been a laughing stock for years. I could go on......
Lol I know which one you're talking about. Will keep my eye on it. Will be interesting to see how that pans out
Their multifamily portfolio seems fairly solid. From the looks of it they're hitting mostly secondary markets with lower COLs or suburbs of primary market, class A products. They mostly did single-family homes, and still do so, in many master planned communities. I don't know anybody their specifically but I could probably expect that culture is more toned down compared to other developers or multifamily PE firms that are based in places like NYC or other big cities. Lots of funding in the last few years, but multifamily is newer for them in the last few years.
IMO, definitely up there with the like of Greystar and Carmel Partners, and i think they're better in touch with who their target demographic is for renters since they also cater to those who are buying new build homes too.
Interested to hear more from what other users say about it.
I interviewed for a development role in the LMC Charlotte office back in 2017. Was told that the CEO of the company has to approve all new hire salaries (WTF it has around 10K employees) and the timeline to get through their hiring process takes 4-6 months. I had an offer in hand and the team tried to push me through, but I was advised not to wait. The culture was weird too, lots of turnover, a new office in CLT, giant merger, perhaps just bad timing. I think they want to become an Avalon Bay but they didn't have their shit together in 2017, and they pay way too much for land for me to believe there are any profits to be shared anytime soon.
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