Detroit Apartment Portfolio Sold for $260M
www.loopnet.com/news
The Lightstone Group has agreed to pay $260 million for 19 apartment complexes in suburban Detroit. Home Properties, Inc. is selling the portfolio, which total about 4 million square feet. The portfolio has an average occupancy rate of 90%. With this acquisition, Lightstone's Detroit properties will now make up about 20% of its portfolio. Lightstone, a Lakewood, NJ investment firm currently owns a shopping center in Michigan.
The Lightstone Group has agreed to pay $260 million for 19 apartment complexes in suburban Detroit. Home Properties, Inc. is selling the portfolio, which total about 4 million square feet. The portfolio has an average occupancy rate of 90%. With this acquisition, Lightstone's Detroit properties will now make up about 20% of its portfolio. Lightstone, a Lakewood, NJ investment firm currently owns a shopping center in Michigan.
posted by S. Dreznin at
10:24 AM
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