Lightstone, a privately held real estate company, has acquired a 27-asset multifamily portfolio in suburban Detroit.
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 for more than 15 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 more than 13,000 units, and it will grow Lightstone's national multifamily portfolio to more than 23,000 units.
