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Multifamily
$100K Minimum
20%+ GP Co-Investment

7.4% Target Net Cash-on-Cash Return Hidden Lakes Apartments

Register Your Interest

Located in Grand Rapids, Michigan

Hidden Lakes Apartments represents a rare opportunity to acquire a well-located, institutionally positioned multifamily community in the Grand Rapids, Michigan market—one of the Midwest’s most resilient and growing rental regions.

Acquired at an attractive basis of approximately $138,000 per unit—reflecting a 12% discount to recent comparable sales and an estimated 40% discount to replacement cost—Hidden Lakes offers a compelling entry point with meaningful downside protection. This pricing positions the asset as one of the most favorable per-unit trades among comparable properties in the market.

The property benefits from over 40 years of ownership by its original developer and has never been institutionally managed. While historically well maintained, this legacy ownership structure creates a unique opportunity to unlock operational efficiencies and revenue growth through professional management and Lightstone’s vertically integrated platform.

As always, Lightstone co-invests a minimum of 20% of the equity alongside you.

Offering Details

Target Net IRR

12.3%

Target Net Cash-on-Cash

7.4%

Minimum Investment

$100k

Lightstone brings deep regional expertise, with ownership and self-management of more than 10,000 Class B multifamily units across Michigan. This scale provides a distinct advantage in market intelligence, operations, and execution.

Frequently Asked Questions

Commonly asked questions from investors before they fund.

Who is eligible to invest?

We must close with TIC investors into this deal on 4/14/26. As such, you must have 1031 capital ready to deploy by that date, as well as being an accredited investor. Should this timeline not work for you and your capital, feel free to register and stay apprised of future opportunities.

What is the minimum investment amount?

The minimum investment starts at $100,000, though this may vary depending on the specific deal. All minimums will be clearly stated in the offering documents, and investors will have the opportunity to review these before committing capital.

What fees should I expect to pay?

Lightstone DIRECT is committed to simple and transparent fee structures that align our interests with those of our investors. For most offerings, the following fees apply to the Series Investors. Please see the deal-specific offering documents. Acquisition Fee: 0.75% to 1.50% of purchase price, depending on your investment amount. Asset Management Fee: 1.0% annually on invested equity. Construction Management Fee: 5.0% of capital expenditures related to major renovations or value-add improvements. Performance Fee: 20% of profits to the Manager above an 8% IRR preferred return on a cumulative and compounding basis, subject to deal-specific terms.

Why did Lightstone decide to open investment opportunities to individual investors?

There are a few reasons we decided to open opportunities to accredited investors, the main one being that we identified a gap in the market for direct real estate investments. Over the past decade or so, many “real estate crowdfunding” platforms have underdelivered, plagued by poor risk controls, lack of transparency, misalignment with sponsors and fee-heavy structures. As an established institution with four decades of experience and $12B+ AUM, we saw an opportunity to take advantage of this dislocation in the market to empower individual investors while also increasing our own AUM.