Lightstone Acquires Multifamily Portfolio In Detroit, Michigan For $1B
Detroit, Michigan, USA
$1,000,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 8, 2021
AI
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.
Players
Detroit MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93