THE LIGHTSTONE GROUP ACQUIRES THREE MUTLI-FAMILY
APARTMENT COMPLEXES IN ALABAMA
National Real Estate Leader Adds 2,284 Apartment Units To Its
National Property Portfolio and Continues Growth In the Alabama Market
LAKEWOOD N.J. -- December 2006 – The Lightstone Group, one of the largest private real estate owners in the country, today announced the acquisition of three multi-family apartment complexes in Alabama, totaling 2,284 apartment units and 890,000 square feet in total.
The deal was a joint venture between the Lightstone Group and The Collins Group and both companies will share ownership. The cost for the acquisition was $155 million and Lightstone’s affiliate Park Avenue Funding financed the preferred equity component of the deal.
Lightstone purchased the properties from Colonial Properties Trust and the three complexes represent the entire Colonial property portfolio in Alabama. Two of the complexes, the Colonial Grand at Galleria and the Colonial Grand at Riverchase are based in Jefferson County, Alabama. The third complex, the Colonial Village at Research Park, is located in Huntsville, Alabama. The properties are currently 95% occupied.
David Lichtenstein, Chairman and Principal, The Lightstone Group, states, “We love this deal and we love this market! Lightstone is happy once again to call Alabama our sweet home.”
The transaction is one of the biggest multi family purchases in Alabama’s history and is the second major purchase that Lightstone has made in the state. Earlier this year, Lightstone purchased 2,331 garden apartment units in Hoover and Homewood Alabama. With this latest acquisition, the Lightstone Group has firmly planted a stake as one of the leading multifamily property owners within Alabama, while also continuing to increase the company’s overall national portfolio.
