(To read more on the multifamily market, click here.)
DETROIT-According to an unnamed source, Rochester, NY-based REITHome Properties is under contract to sell 19 Detroit-areamultifamily rental complexes to Lakewood, NJ-based LightstoneGroup. Neither Lightstone, headed by David Lichtenstein, nor HomeProperties would confirm or deny reports, but the deal is rumoredto be 5,000 units valued at $200 million.
In its first quarter earnings call, Home Properties executivesadmitted they were "working with a specific buyer for the portfoliowho is currently performing due diligence," but had kept thebuyer's name mum. The deal is expected to close by the secondquarter.
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