Behringer Harvard Opportunity REIT II, Inc. Announces Appointment of Lightstone as New Advisor
February 17, 2017 09:30 AM Eastern Standard Time | BusinessWire
NEW YORK–(BUSINESS WIRE)–Behringer Harvard Opportunity REIT II, Inc. (“OPREIT II” or the “Company”), a publicly registered non-traded real estate investment trust, today announced that the Company has appointed Lightstone as its new external advisor, effective immediately. The Company’s Special Committee of the Company’s board of directors consisting exclusively of the Company’s independent directors unanimously approved Lightstone as the new advisor.
Lightstone, one of the most highly regarded private residential and commercial real estate owners and operators in the United States today and an active sponsor and advisor of public, non-traded REITs, operates in all sectors of the real estate industry and has a $2.4 billion portfolio. The portfolio currently includes more than six million square feet of office, retail and industrial commercial properties, 11,000 residential units, and 3,800 hotel keys. Lightstone also owns more than 12,000 land lots across the country. It employs approximately 400 staff and professionals. As a national real estate investor/developer, Lightstone has deep experience in all areas of investment selection, underwriting, due diligence, development, portfolio management, asset management, property management, leasing, disposition, finance, accounting, and investor relations. In addition, Lightstone has developed a deep expertise and experience in the non-traded REIT space since launching its first non-traded REIT in 2005 and is currently a sponsor and advisor of four non-traded REITs.
The Board of Behringer Harvard Opportunity REIT II 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.
“The Board is excited about having Lightstone as our new advisor,” said Andreas Bremer, OPREIT II’s Lead Independent Director. “We are looking forward to a successful relationship that will prove valuable for our shareholders.”
“We are honored to become the advisor of Behringer Harvard Opportunity REIT II,” said Lightstone Chairman and CEO David Lichtenstein. “Lightstone has a successful record as a real estate investor and fund manager. We have overseen substantial value creation in our investments as well as increased shareholder values and look forward to building on that success.”
Lightstone has a proven track record both as a real estate investor/developer as well as the sponsor and advisor of four non-traded REITs. Lightstone’s success is demonstrated with the performance of its REITs, even through the last real estate downturn, as evidenced by the industry leading NAVs and recurring dividends paid.
Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone’s $2.4 billion portfolio (in 26 states) currently includes over 6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 3,800 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $2.5 billion worth of projects currently under development in the residential and hospitality sectors.
About Behringer Harvard Opportunity REIT II, Inc.
Behringer Harvard Opportunity REIT II, Inc. is a publicly registered, non-traded real estate investment trust (“REIT”) with $275 million of total assets and was formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis.
Behringer Harvard Opportunity REIT II, Inc.
Christopher Bastardi, 212-729-2495
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