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LM Real Estate, led by CEO Jason Lee, has expanded into Orange County with a new office near Irvine Spectrum Center. The 1,700-square-foot space will initially house four staff members, with plans to double the size and eventually grow to about 16.
Lee cited the neighboring county's potential for growth, as well as its proximity to existing investors in San Diego. He believes JLM can reach $300 million in annual sales in Orange County, where competition is less intense than in San Diego.
The firm specializes in multifamily projects, a focus that stems from Lee's own entry into commercial real estate while studying at San Diego State University. Under his leadership, JLM has sold over $400 million in real estate over the past five years.
Lee's interest in real estate began as an unexpected detour during college. He initially majored in biology before switching to communications and eventually discovering a passion for real estate. His first property sale was a four-plex in City Heights that fetched $800,000.
Despite his success, Lee has no intention of making real estate a lifelong career. In 10 years, he aims to sell the company for $100 million, with many agents becoming partners in the deal. He plans to use the proceeds to start a nonprofit focused on animal rescue, reflecting his love for animals and his fiancé's shared passion.
The commercial real estate market has faced challenges, with apartment deals down 50% from their peak in 2022. Lee expects a gradual recovery as interest rates decrease, but not a dramatic turnaround.
