Lakewood, NJ Co. Buys Detroit Complexes Compriseing More Than 5000 Units

Lakewook, NJ Home Properties Inc. said it has sold its Detroit-area apartment complexes for more than $230 million. The Lakewood, N.J.-based Lightstone Group bought the 19 complexes, which comprise more than 5,000 units.

The Rochester apartment firm has said it was looking to dispose of the portfolio because it wasn't delivering the results the company wanted. "The sale of the Detroit portfolio will improve the company's future financial performance, which was muted in recent years by the negative net operating income growth of these properties," the President and Chief Executive Officer said in a statement.