David Lichtenstein, Lightstone Group Chairman and CEO
David Lichtensteinentered the world of real estate when he purchased a modest two-family house in 1986. He used money from his savings as well as his credit cards to cover the $89,000 purchase price. Just two years later, David owned three apartment buildings and founded real estate company The Lightstone Group.
Since 1988, The Lightstone Group has held investments that have consistently generated significant gains relative to risk. The Group attributes its success to an investment philosophy that subscribes to a disciplined approach to real estateinvestments. Diversification allows Lightstone to alleviate risk while simultaneously taking advantage of opportunities for value creation.
David Lichtenstein focused The Lightstone Group on multifamily residential properties throughout the firm’s first decade. With the realization that the multifamily market was quickly becoming overpriced, Lightstone purchased a chain of outlet malls,Prime Outlets, in 2003. Soon after, the firm refocused its investment strategy on industrial real estate.
In 2005, The Lightstone Group acquired a number of office buildings, a majority of which were located in Chicago. The purchase granted Lightstone a substantial presence into office real estate. Today, the company owns and manages a diverse portfolio of propertieslocated throughout the United States.
Despite investing in a number of various assets, David Lichtenstein’s investment strategy has never wavered.The company focuses its investments on four types of property constructed no later than 1980: multifamily, retail, industrial, and hospitality properties. In addition, the firm has an interest in office properties built in 1990 or later. Investment-worthy properties are most often located in expanding markets with high entry barriers.
Attractive properties contain a minimum of 100 units. Garden and mid-rise apartment complexes are of particular interest.
Appealing retail properties have strong anchor tenants in addition to high visibility and easy access.
These retail centers should possess strong market demographics and at least 50,000 square feet of rentable space.
Like retail properties, industrial properties that are easily accessible to transportation and populous areas are the most attractive. These properties should have 100,000 square feet of rentable space at the minimum. Single- and multi-tenant distribution centers and warehouses are typical investment properties.
These properties include full service and limited service estates with a minimum of 100 rooms. The most successful hospitality investments are typically located at the intersections of major employment areas.
Characteristics of office properties include locations in major business areas with convenient access to transportation and amenities. Low-rise, mid-rise and high-rise office buildings with a minimum of 100,000 square feet of rentable office space are considerable investments.
The Lightstone Group seeks out properties whose costs do not accurately reflect their inherent value.Such properties offer competitive advantages that are not readily recognized by other investors. The Group has experienced success recognizing value in properties with distressed owners or capital structures.
From modest beginnings, the Lightstone Group is now one of the nation’s largest real estate investment firms. It has realized hundreds of deals and holds a group of properties with a combined value of over one billion dollars. The firm is headquartered in New York City and conducts business at regional offices in New Jersey, Baltimore, Chicago and Detroit.
The Lighthouse Group operates much the same way today as it did in 1988. Seasoned real estate professionals carefully evaluate the benefits and burdens associated with each undervalued investment opportunity. The team utilizes a strategy to maximize return on investment by hands-on management of acquired assets. This dedication and consistency has helped Lightstone enjoy extraordinary growth while behaving much as it did at the outset
David Lichtenstein |A Leader in Real Estate
David Lichtenstein is the CEO and chairman of the board at The Lightstone Group. He oversees the company’s operations as they pertain to the acquisition, financing and management of properties. The firm’s portfolio includes a wide array of hospitality, industrial properties, office multi-family and retail properties.
By all accounts a successful business man, David has dedicated his company to procuring and financing properties that deliverconsistent value to investors. He personifies The Lightstone Group’s pledge to treat clients with the highest available standards of excellence, integrity, and quality. He also recognizes the company’s greatest asset is not its properties, but its people.
The position the firm enjoys as one of the country’s largest and most successful privately-held real estate firms is a direct result of its employees. A team of top-notch executives brings over 260 years of combined experience and demonstrated success to the firm. All employees share the organization’s vision and deliver results. Their passion to recognize excellence at every turn has led to the exceptional growth enjoyed by The Lightstone Group.
Since its inception in 1988, David Lichtenstein has instilled a multi-disciplinary approach to management at The Lightstone Group. This strategy adds to the firm’s financial acumen. In turn, this improves the quality of business and leads to excellence at all levels.The Lightstone Group values its organizational culture rooted in entrepreneurship. At its heart, the Group is firmly committed to:
- Conducting business according to the uppermost standards of excellence, quality, and integrity
- Creating long-term value for investors
- Making a positive difference to the communities in which its properties are located
In the real estate industry, the Lightstone Group takes a unique approach by creating a close partnership with investors. Portfolio diversification along with strategic investment processes are keys to realizing exceptional risk-adjusted returns. The Lightstone Group also utilizes hands-on asset management to produce outstanding results.
The firm continually seeks out new acquisition opportunities throughout the United States and Puerto Rico. The Lightstone Group has held successful investments across a wide range of properties in
urban and suburban areas. The Group has invested in hundreds of properties to date.
For over twenty years, David Lichtensteinhas led The Lightstone Group in the successful acquisition of multifamily, retail, hospitality, office and industrial properties. A first-generation entrepreneur,David Lichtenstein encourages an entrepreneurial spirit throughout Lightstone. Today, David Lichtenstein’s the Lightstone Group is considered one of the nation’s most successful real estate companies.
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