Lightstone Purchases 7,810-Unit Multifamily Portfolio in Suburban Detroit
DETROIT — Lightstone has purchased a multifamily portfolio in suburban Detroit totaling 7,810 units across 27 properties in 19 different submarkets. The purchase price and seller were not disclosed. The portfolio also includes an 11,000-square-foot office building. Lightstone plans to add amenities, improve common areas and renovate unit interiors. The transaction increases Lightstone’s multifamily holdings in the Detroit market to more than 13,000 units. Lightstone operates its assets through its management company, Beacon Management.