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DETROIT-According to an unnamed source, Rochester, NY-based REIT Home Properties is under contract to sell 19 Detroit-area multifamily rental complexes to Lakewood, NJ-based Lightstone Group. Neither Lightstone, headed by David Lichtenstein, nor Home Properties would confirm or deny reports, but the deal is rumored to be 5,000 units valued at $200 million.
In its first quarter earnings call, Home Properties executives admitted they were "working with a specific buyer for the portfolio who is currently performing due diligence," but had kept the buyer's name mum. The deal is expected to close by the second quarter.
The sale to Lightstone would relinquish the company of its entire Michigan portfolio. The complexes include: Fordham Green, Canton; Springwells Park Apartments, Dearborn; Carriage Hill Apartments, Dearborn Heights; Carriage Park, Dearborn Heights; Cherry Hill Village, Dearborn Heights; Cherry Hill Club, Inkster; Deerfield Woods, Livonia; Stephenson House, Madison Heights; Oak Park Manor Apartments, Oak Park; Greentrees Apartments, Riverview; Macomb Manor, Roseville; Woodland Gardens, Royal Oak; the Lakes Apartments, Southfield; Kingsley Apartments, Sterling Heights; Canterbury Square, Troy; Charter Square Apartments, Troy; Hampton Court Apartments, Westland; Scotsdale Apartments, Westland; Southpointe Square, Woodhaven.
In the Detroit area, Lightstone--through its Chicago-based subsidiary Prime Group Realty Trust--owns the 150-retailer Birch Run Factory Outlet mall at 12240 S. Beyer Rd. in Birch Run. In other recent news, Home Properties Inc. disclosed the sale by certain stockholders of 2.96 million shares of its common stock at a price to the public of $50.80 per share. The offering is expected to close on May 15.
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