Lightstone Acquires 7,810 Units in Suburban Detroit
The acquired 27-asset portfolio brings the company’s national multifamily portfolio to total more than 23,000 units.
DETROIT, MI – Privately-held real estate company, Lightstone has acquired a 27-property multifamily portfolio in suburban Detroit, MI.
The portfolio encompasses 7,810 multifamily units and an 11,000-square-foot office property. The properties are located across 19 submarkets.
Lightstone plans to add amenities, improve common areas and renovate unit interiors across the portfolio.
The acquisition increases Lightstone’s Detroit multifamily holdings to more than 13,000 units. The transaction brings the company’s national multifamily portfolio to total more than 23,000 units.
“This strategic acquisition allows us to leverage our experience and long-term success as multifamily investors,” says Mitchell Hochberg, president of Lightstone. “We are truly excited to bring these properties into the Lightstone family.”
Lightstone has owned multifamily properties in Detroit, MI for more than 15 years.
The firm continues to manage all property operations through its management company, Beacon Management.