Lightstone Acquires Multifamily Portfolio In Detroit, Michigan For $1B
SOLD
$1,000,000,000
Michigan
See Similar DealsMultiFamily
Sold 12/08/2021
SOLD
Lightstone Acquires Multifamily Portfolio In Detroit, Michigan For $1B
Detroit, Michigan, USA
See Similar DealsMultiFamily
Sold 12/08/2021
Summary
MICHIGAN
Asset Type:MultiFamily
Transaction Type:Sale
The Multifamily Portfolio in Detroit, Michigan has been sold for a significant amount of $1,000,000,000. The portfolio consists of a total of 7,180 units, making it a substantial investment in the multifamily sector.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,000,000,000
- Units: 7,180
- Market: Detroit, Michigan
The buyer of this multifamily portfolio is Lightstone, represented by David Lichtenstein. On the other hand, the seller is Hartman & Tyner. The transaction brings together two prominent entities in the real estate market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$53,333,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,552,788.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$4,740,510.18
Annual Debt Service$56,886,122.11
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