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Lightstone To Buy 19 Complexes for $200M

DETROIT-Lightstone Group, based in Lakewood, NJ, is said to be under contract to purchase a 19-property multifamily portfolio from Rochester, NY-based Home Properties. The deal, valued at $200 million, is expected to close by the second quarter.

By Dana Dubriwny | Updated on May 10, 2006

(To read more on the multifamily market, click here.)

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.

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