Lightstone Value Plus REIT V Appoints New Chairman
Lightstone Value Plus REIT V Inc., a publicly registered non-traded REIT formerly known as Behringer Harvard Opportunity REIT II, reported to the Securities and Exchange Commission that David Lichtenstein submitted his resignation as chairman and director, effective immediately.
Lightstone Value Plus REIT V Inc., a publicly registered non-traded REIT formerly known as Behringer Harvard Opportunity REIT II, reported to the Securities and Exchange Commission that David Lichtenstein submitted his resignation as chairman and director, effective immediately.
According to the filing, “there were no disagreements between the company and Mr. Lichtenstein.”
Lichtenstein will continue his role as chief executive officer of LSG Development LLC, the REIT’s external advisor, LSG-BH II Property Manager LLC, the REIT’s external property management company, and their affiliates.
The board appointed Mitchell Hochberg, the REIT’s CEO, to replace Lichtenstein as a director and chairman. Lichtenstein was designated as chairman emeritus.
In addition to serving as the CEO, Hochberg also serves as president and chief operating officer of affiliated non-traded REITs Lightstone Value Plus Real Estate Investment Trust, Lightstone Value Plus Real Estate Investment Trust II, Lightstone Value Plus Real Estate Investment Trust III, and Lightstone Real Estate Income Trust, as well as their respective advisors. He also serves as president of Lightstone Enterprises.
Hochberg held a number of executive positions before joining Lightstone in 2012, including principal of Madden Real Estate Ventures and president and COO of Ian Schrager Company. In 1985, he founded Spectrum Communities, a developer of luxury neighborhoods in the northeast, and served as its president and CEO for 20 years.
He holds a law degree from Columbia University School of Law and a bachelor’s degree in accounting and finance from New York University College of Business and Public Administration.
Lightstone Value Plus Real Estate Investment Trust V launched in January 2008 and closed in March 2012 after raising $265 million in investor equity. The company’s portfolio is comprised of six multifamily properties and one student housing complex.
