Log out
Magic link sent. Check your email.
API not online - using temp session system
Multifamily
Archived
Open for investment

Hidden Lakes Apartments — Michigan Class B Multifamily

Download full investment materials
Download full investment materials
Download
Contact your Capital Formation team representative
Contact your rep
%
Invested
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

Gallery
Video Summary
No items found.
0:00
0:00

NEWS & INSIGHTS

Market Perspective
[Podcast] Episode 6: How to Cut Through the Noise in Today's Real Estate Market with Richard Barkham
Read on
Real Estate Investing 101
An Investor's Guide to Real Estate Return Metrics
IRR, equity multiple, cap rate, cash-on-cash. Each metric answers a different question. Learn which return metrics matter most when evaluating a real estate deal.
Read on
Real Estate Investing 101
Best Places to Invest $100K in 2026
A research-backed look at where to put serious capital to work—and why private real estate deserves a closer look than most investors give it.
Read on
part-2-A

ACCESS

EARNED

Discuss This Offering
COMPANY
How It Works
INVESTMENTS
Multifamily Investments
About Us
Industrial Investments
Contact
OPEN INVESTMENTS
Hidden Lakes Apartments
Test Hidden Lakes Apartments Copy
Log in
Education
All Resources
Whitepapers
© Lightstone DIRECT 2026
Privacy Policy
Terms of service
*Past performance does not guarantee future results. All investments carry riskThis material is confidential, may be subject to legal privileges. Any use, duplication, disclosure or dissemination of this material is strictly prohibited and may be in violation of law. If you have received this material in error, please notify the sender immediately and delete or destroy this communication and all copies.

This material is for informational purposes only and does not constitute: (i) an offer to sell or a solicitation of an offer to purchase any interest in any investment vehicles managed by any business unit of the Company; or (ii) an acceptance to enter into any binding contract, agreement, or understanding. The Company does not accept any responsibility or liability arising from the use of this communication.

All documents intended for execution, including contracts, must be submitted to the Company's Legal Department for review and approval and signed by an officer of the Company; or made pursuant to the Company's approved contract execution procedures. The Company DOES NOT use or accept electronic signatures. By accepting this communication, you specifically waive your right to claim any action pursuant to the Electronic Signatures in Global and National Commerce Act ("E-Sign"), 15 U.S.C. §7001 et seq., the Uniform Electronic Transactions Act ("UETA"), and any State or local law similar to E-Sign or UETA.

This material may contain highly confidential information regarding The Lightstone Group, LLC and Beacon Property Management LLC and their respective subsidiaries, affiliates, investments, strategy, and/or organization
(collectively, the "Company"). Your acceptance of this material from the Company constitutes your agreement to: (i) keep confidential all the information contained in this material, as well as any information derived by you from the information contained in this material (collectively, "Confidential Information") and not disclose any such Confidential Information to any other person; (ii) not use any of the Confidential Information for any purpose other than pursuant to your relationship with the Company; (iii) not copy any Confidential Information without the Company's prior written consent; and (iv) promptly return any Confidential Information contained in this material to the Company upon the Company's request.

No representation is being made that the Confidential Information presented is accurate, current or complete, and such Confidential Information is at all times subject to change without notice. Opinions expressed may differ or be contrary to the opinions and recommendations of a Company business unit.

The Company does not provide legal, accounting or tax advice. Any statement regarding legal, accounting or tax matters was written in connection with the explanation of the matters described herein and was not intended or written to be relied upon by any person as definitive advice. Any discussion of U.S. tax matters contained within this material is not intended to be used and cannot be used for the purpose of avoiding penalties that may be imposed under applicable federal, State or local tax law or recommending to another party any transaction or matter addressed herein. Each person should seek advice based on its particular circumstances from independent legal, accounting and tax advisors regarding the matters discussed in this material.