Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Thursday, June 29, 2006

Detroit Apartment Portfolio Sold for $260M

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.


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