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Hidden Lakes Apartments — Michigan Class B Multifamily

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NET IRR

12.3

%

NET AVG. CASH-ON-CASH RETURN

7.4

%

TRANSACTION OVERVIEW

Hidden Lakes Apartments is a 384 unit, free-market, garden multifamily apartment complex located in Grand Rapids, Michigan.

City, State

Grand Rapids

Michigan

Minium Investment

$100,000

NET EQUITY MULTIPLE

1.50

x

TARGET TERM

4

Years

Months

Strategy

Value-add

STABILIZED YIELD ON COST

6.7

%

CAP RATE

%

OCCUPANCY

91.9

%

% OF REPLACEMENT COST

%

Hidden Lakes Apartments — Michigan Class B Multifamily

Invest in a region where Lightstone already owns and self-manages over 10,000 Class B units.

Hidden Lakes Apartments offers a rare opportunity to acquire a well-located Grand Rapids multifamily community at approximately $138,000 per unit — a 12% discount to comparable sales and an estimated 40% discount to replacement cost — providing meaningful downside protection from day one. Owned by its original developer for 40+ years and never institutionally managed, the property presents a clear operational upside opportunity that Lightstone is uniquely positioned to capture through its vertically integrated platform and ownership of 10,000+ Class B units across Michigan. Value creation is achievable without heavy capital deployment: a targeted unit renovation program, optimization of ancillary income streams, and closing an approximate $100/month rent gap versus comparable properties are all expected to drive meaningful NOI growth. Taken together, a compelling acquisition basis, identifiable operational upside, and durable market fundamentals make Hidden Lakes a strong addition to Lightstone's multifamily portfolio.

Proforma Net IRR of 12.3% and a Net Equity Multiple of 1.5x over a four-year hold

Lightstone is buying the property at a 40% discount to replacement cost

Located in one of the Midwest’s most resilient and growing rental markets

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