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Lightstone More Than Doubles Detroit-Area Multifamily Portfolio
Lightstone has acquired a 27-asset multifamily portfolio in suburban Detroit for an undisclosed sum. The portfolio includes 7,810 multifamily units and an 11,000-square-foot office building and is spread across 19 different submarkets.
Lightstone has owned multifamily properties in the Detroit metro area for more than 15 years and continues to operate its assets through Lightstone’s management company, Beacon Management. The business plan for the new acquisitions includes adding amenities, improving common areas and renovating unit interiors.
The transaction will increase Lightstone’s Detroit multifamily holdings from 5,400 units to more than 13,000 and will grow its national multifamily portfolio to more than 23,000 units.
“This strategic acquisition allows us to leverage our experience and long-term success as multifamily investors” said Mitchell Hochberg, president of New York City-based Lightstone. “We are truly excited to bring these properties into the Lightstone family.”
- ◦Sale/Acquisition
