NEW YORK, NY - Lightstone, one of the most diversified privately held real estate companies in the U.S., announced the acquisition of a 27-asset multifamily portfolio in suburban Detroit, MI.
The portfolio includes 7,810 multifamily units and an 11,000-square-foot office building spread across 19 different submarkets. Lightstone has successfully owned multifamily properties in Detroit, MI for over fifteen years and continues to operate its assets through Lightstone's management company, Beacon Management. Lightstone's business plan includes adding amenities, improving common areas and renovating unit interiors. The transaction will increase Lightstone's Detroit multifamily holdings from 5,400 units to over 13,000 units, and will grow Lightstone's national multifamily portfolio to over 23,000 units.
"This strategic acquisition allows us to leverage our experience and long-term success as multifamily investors" said Mitchell Hochberg, President of Lightstone. "We are truly excited to bring these properties into the Lightstone family."
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 25 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 160 existing properties, Lightstone's over $7.5 billion portfolio currently includes over 6.5 million square feet of industrial, logistics, and life sciences properties, over 23,000 residential units, and over 4,300 hotel keys. Lightstone's development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami. Lightstone also owns over 10,000 land lots across the country.