Lightstone Value Plus Real Estate Investment Trust V, Inc. Announces Executive Changes
September 03, 2021 at 03:15 pm
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On August 30, 2021, David Lichtenstein submitted his resignation both as Chairman of the Board and as director of Lightstone Value Plus REIT V, Inc. (the "Company") to the Company's Board of Directors (the "Board"),
effective immediately. On August 31, 2021, the Board appointed Mitchell C. Hochberg, who has served as the Company's Chief Executive Officer since September 2017, as a director and Chairman of the Board to fill the vacancy created by Mr. Lichtenstein's resignation and designated Mr. Lichtenstein as Chairman Emeritus. Mr. Hochberg will continue to serve as the Company's Chief Executive Officer. In addition to serving as the Company’s Chief Executive Officer, Mr. Hochberg also serves as President and Chief Operating Officer of Lightstone Value Plus Real Estate Investment Trust, Inc., Lightstone Value Plus Real Estate Investment Trust II, Inc., Lightstone Value Plus Real Estate Investment Trust III, Inc., and Lightstone Real Estate Income Trust, Inc. as well as their respective advisors. From October 2014 to the present, Mr. Hochberg has served as President of Lightstone Enterprises.
Lightstone Value Plus REIT V, Inc. is a real estate investment trust (REIT). The Company is formed primarily to acquire and operate commercial real estate and real estate-related assets. The Company holds interests in various commercial properties, such as office, industrial, retail, hospitality, multifamily, and student housing, and other real estate-related investments, such as mortgage loans and mezzanine loans. The Company's business is conducted through Lightstone REIT V OP LP (Operating Partnership). The Company has eight wholly owned real estate investments (multi-family apartment complexes) and one real estate-related investment (mezzanine loan). The Companyâs properties include Arbors Harbor Town, Parkside Apartments, Flats at Fishers, Axis at Westmont, Valley Ranch Apartments, Autumn Breeze Apartments, BayVue Apartments, and Citadel Apartments. The Companyâs business is externally managed by LSG Development Advisor LLC (the Advisor).