Lightstone Expands Multifamily Footprint With Acquisition of seven,810-Unit House Portfolio Throughout A number of Suburban Detroit Submarkets

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Lightstone Expands Multifamily Footprint With Acquisition of 7,810-Unit Apartment Portfolio Across Multiple Suburban Detroit Submarkets

NEW YORK, NY – Lightstone, one of the most diversified privately held real estate companies in the United States, announced the acquisition of a multi-family portfolio of 27 assets in suburban Detroit, MI.

The portfolio includes 7,810 apartment buildings and an 11,000 square meter office building, spread across 19 different sub-markets. Lightstone has successfully owned apartment buildings 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 the interiors of the units. The transaction will increase Lightstone's multi-family ownership in Detroit from 5,400 units to over 13,000 units and increase Lightstone's national multi-family portfolio to over 23,000 units.

"This strategic acquisition enables us to capitalize on our experience and long-term success as a multi-family investor," said Mitchell Hochberg, President of Lightstone. "We are very excited to add these properties to 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 and active in 25 states across the country, Lightstone develops, manages and invests in all sectors of the real estate market, including residential, hospitality, commercial and retail. With 160 existing properties, Lightstone's $ 7.5 billion portfolio currently includes over 6.5 million square feet of industrial, logistics and life sciences real estate, over 23,000 residential units and over 4,300 hotel keys. Lightstone's development portfolio currently includes over $ 3.5 billion in residential and hospitality businesses in New York City, Los Angeles and Miami. Lightstone also owns over 10,000 lots across the country.

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