Everest REIT Investors I LLC, a private real estate investment firm, is offering to pay nearly $6.5 million for the up to 1.2 million shares of Lightstone Value Plus Real Estate Investment Trust V Inc. (formerly Behringer Harvard Opportunity REIT II) common stock for $5.40 per share. The tender offer will expire at 5:00 p.m. Pacific on February 28, 2018.
Lightstone Value Plus REIT V is a publicly registered non-traded REIT and recently approved an estimated net asset value per share of $7.98 for the company’s common stock, as of September 30, 2017.
Everest REIT Investors and its affiliates currently own 188,373 shares of Lightstone Value Plus REIT V, and if all shares in the current offer are tendered, the company will own approximately 5.6 percent of the REIT’s outstanding shares.
Lightstone Value Plus REIT V went effective in January 2008 and closed in March 2012 after raising $265 million in investor equity. The company’s portfolio is comprised of seven properties with a total investment cost of approximately $167 million, as of September 30, 2017. The company replaced its advisor and property manager in 2017 with affiliates of Lightstone Group, a national real estate investor/developer and sponsor of non-traded REITs that oversees a $2.4 billion real estate portfolio.