(To read more on the multifamily market, click here.)

DETROIT-According to an unnamed source, Rochester, NY-based REIT Home Properties is under contract to sell 19 Detroit-area multifamily rental complexes to Lakewood, NJ-based Lightstone Group. Neither Lightstone, headed by David Lichtenstein, nor Home Properties would confirm or deny reports, but the deal is rumored to be 5,000 units valued at $200 million.

In its first quarter earnings call, Home Properties executives admitted they were “working with a specific buyer for the portfolio who is currently performing due diligence,” but had kept the buyer’s name mum. The deal is expected to close by the second quarter.

The sale to Lightstone would relinquish the company of its entire Michigan portfolio. The complexes include: Fordham Green, Canton; Springwells Park Apartments, Dearborn; Carriage Hill Apartments, Dearborn Heights; Carriage Park, Dearborn Heights; Cherry Hill Village, Dearborn Heights; Cherry Hill Club, Inkster; Deerfield Woods, Livonia; Stephenson House, Madison Heights; Oak Park Manor Apartments, Oak Park; Greentrees Apartments, Riverview; Macomb Manor, Roseville; Woodland Gardens, Royal Oak; the Lakes Apartments, Southfield; Kingsley Apartments, Sterling Heights; Canterbury Square, Troy; Charter Square Apartments, Troy; Hampton Court Apartments, Westland; Scotsdale Apartments, Westland; Southpointe Square, Woodhaven.

In the Detroit area, Lightstone–through its Chicago-based subsidiary Prime Group Realty Trust–owns the 150-retailer Birch Run Factory Outlet mall at 12240 S. Beyer Rd. in Birch Run. In other recent news, Home Properties Inc. disclosed the sale by certain stockholders of 2.96 million shares of its common stock at a price to the public of $50.80 per share. The offering is expected to close on May 15.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.