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Behringer REITs Appoint Lightstone as New Advisor and Property Manager

Behringer Harvard Opportunity REIT I and II, two publicly registered non-traded real estate investment trusts, each replaced their current advisor and property manager with affiliates of Lightstone Group.

Lightstone is a national real estate investor/developer and sponsor of non-traded REITs that oversees a $2.4 billion real estate portfolio

The REITs’ former external advisors and property managers were affiliates of Stratera Holdings (formerly Behringer Harvard Holdings). The Lightstone advisory agreements have a one-year term and are substantially similar to the terminated Behringer agreements, and the new property management agreement has a five-year term.

According to the filing, the Behringer REIT II increased the size of its board from six to seven members, appointed Alan Liu – a senior vice president and the head of alternative investments at Lightstone.

The board also plans to propose that former Real Estate Board of New York president Steven Spinola and founder and managing principal of DG Capital Management Dov Gertzulin be appointed independent directors. They currently serve on Lightstone Real-Estate Income Trust and Lightstone Value Plus REIT II, respectively.

Behringer Harvard Opportunity REIT I went effective in September 2005 and closed in December 2007 after raising $559 million in investor equity. The company suspended its distribution in March 2011 and oversees a portfolio of five properties purchased for a combined $350.3 million, according to Summit Investment Research.

Behringer Harvard Opportunity REIT II went effective in January 2008 and closed in March 2012 after raising $265 million in investor equity. The company’s portfolio is comprised of eight properties with a total investment cost of $229.2 million.

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