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Lightstone Takes On $250M Multifamily Buy

DETROIT-Home Properties disposes of a 19-property suburban multifamily rental portfolio with an aggregate of 5,046 units. The buyer sees upside potential in the B+ assets.

By Marita Thomas | Updated on June 30, 2006

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

DETROIT-The Lakewood, NJ-based Lightstone Group has acquired a 19-property multifamily portfolio from Rochester, NY-based Home Properties Inc. for approximately $250 million. All of the facilities are in the Detroit suburbs, an area of high unemployment and job loss.

“Home Properties’ exit from the Michigan market is consistent with our strategy of focusing our operations in high-barrier, high-growth markets along the East Coast,” says Edward J. Pettinella, president and CEO, in a statement. He adds that the divestiture will improve his company’s future financial performance, “which was muted in recent years by the negative net operating income growth of these properties.” The seller could not be reached by deadline.

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