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The Lightstone
DIRECT Advantage

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The Lightstone
DIRECT Advantage

With Lightstone DIRECT, qualified individuals can now partner directly with Lightstone, and invest in the same multifamily and industrial real estate investments that have made us successful for four decades. There’s no middlemen. You have a direct line to your partner. Lightstone invests 20%+ in each deal. Our capital works right beside yours.

100-1

$12B+

AUM portfolio

27.6%

27.6%

Historical Net IRR on Realized Investments Since 2004
Historical Net IRR on Realized Investments Since 2004

2.54x

2.54x

Historical Net Equity Multiple on Realized Investments Since 2004
Historical Net Equity Multiple on Realized Investments Since 2004
Past performance is not indicative of future results.
Past performance is not indicative of future results.
Four decades of rigorous asset management.
TRANSACTION OVERVIEW

Sign up to be the first to know about our upcoming multifamily investment opportunities.

City, State

Minimum Investment

$100,000

HOLD PERIOD

Years

Months

Strategy

Diversified

TARGET IRR

%

TARGET CASH-ON-CASH RETURN

%

CAP RATE

%

Multifamily
Archived
Open for investment
Coming Soon
TRANSACTION OVERVIEW

Abernathy Industrial Park is currently a 100% leased, six-building logistics campus in the Greenville–Spartanburg corridor.

City, State

Greenville

South Carolina

Minimum Investment

$100,000

HOLD PERIOD

4

Years

Months

Strategy

Light Value-Add

TARGET IRR

%

TARGET CASH-ON-CASH RETURN

%

CAP RATE

6.5

%

Industrial
Archived
Open for investment
Abernathy Industrial Park
TRANSACTION OVERVIEW

Vel vel nihil eum itaque numquam saepe molestias eum modi sit vero enim praesentium officiis.

City, State

Denver

Colorado

Minimum Investment

$200,000,000

HOLD PERIOD

Years

Months

Strategy

Diversified

TARGET IRR

%

TARGET CASH-ON-CASH RETURN

%

CAP RATE

%

Multifamily
Archived
Open for investment
1901 Corporate Center
TRANSACTION OVERVIEW

Vel vel nihil eum itaque numquam saepe molestias eum modi sit vero enim praesentium officiis.

City, State

Denver

Colorado

Minimum Investment

$200,000,000

HOLD PERIOD

Years

Months

Strategy

Diversified

TARGET IRR

%

TARGET CASH-ON-CASH RETURN

%

CAP RATE

%

Industrial
Archived
Open for investment
690 Canton
TRANSACTION OVERVIEW

Eos sunt sequi sapiente ipsam illum ut qui.

City, State

Newark

New Jersey

Minimum Investment

$250,000

HOLD PERIOD

Years

Months

Strategy

Core-Plus

TARGET IRR

%

TARGET CASH-ON-CASH RETURN

%

CAP RATE

%

Multifamily
Archived
Open for investment
1985 Cedarbridge Ave
TRANSACTION OVERVIEW

Vel vel nihil eum itaque numquam saepe molestias eum modi sit vero enim praesentium officiis.

City, State

Denver

Colorado

Minimum Investment

$200,000,000

HOLD PERIOD

Years

Months

Strategy

Diversified

TARGET IRR

%

TARGET CASH-ON-CASH RETURN

%

CAP RATE

%

Multifamily
Archived
Open for investment
365 Bond
TRANSACTION OVERVIEW

Value-add multifamily investment opportunity in Atlanta, GA with immediate upside potential

City, State

Atlanta

Georgia

Minimum Investment

$100,000

HOLD PERIOD

3

Years

9

Months

Strategy

Core-Plus

TARGET IRR

82.5

%

TARGET CASH-ON-CASH RETURN

82

%

CAP RATE

78

%

Multifamily
Archived
Open for investment
130 William
Four decades of rigorous asset management.
$12.5B
$10B
$7.5B
$5B
$2.5B
Launched with a $88k multifamily acquisition
Established public, non-traded REIT $481M AUM
Transferred Prime Retail Outlets to Simon Properties for $1.6B profit
$275M REIT acquisition
Acquired 7,810-unit suburban Detroit multifamily portfolio for $1B
$12B+ AUM
1986
2004
2010
2017
2021
2025
Four decades of rigorous asset management.
20%
15%
10%
5%

20%+

We invest a minimum of 20% of the equity in each Lightstone DIRECT deal. That's true partnership.

~5%

LIGHTSTONE
OTHER MANAGERS
100-9
part-2-A
OUR STORY

From One 
Property To A 
$12B+ Portfolio

In 1986, Lightstone began with an $89,000 investment in a two-family home. Today that one investment has grown into a $12B+ institutional portfolio, making Lightstone one of the most innovative and highly respected privately held real estate firms in the U.S.

Over the ensuing four decades, Lightstone’s portfolio has grown across all major CRE asset classes, and markets across the U.S. The firm has developed award-winning hotels, executed on dozens of complex, eight-figure transactions, and been recognized as a top workplace in the country for several years running.

Now individuals can access these same wealth opportunities through Lightstone DIRECT. With our 20% minimum co-investment and direct-to-investor sponsor model, this is a true partnership.

Lightstone has delivered impressive returns spanning four decades across multiple economic cycles. Lightstone DIRECT has delivered for our institutional partners across multiple investment cycles for four decades. Now it’s time for us to deliver for individual partners like you.

Unmatched scale and diversification that delivers results

$12B+

AUM portfolio

15M+

Total square ft. of industrial & commercial space

26

States represented

25,000+

Multifamily units

Proven leaders you can trust

Founder & Chairman

David Lichtenstein

David Lichtenstein is Chairman and CEO of Lightstone, which he founded in 1986. In addition to chairing the Board of Directors, he provides strategic oversight for all aspects of the acquisition, financing, and management of the Company’s diverse portfolio of multifamily, hospitality, industrial and commercial properties. Mr. Lichtenstein serves on the Board of Governors of the Real Estate Board of New York, and is a Member of both The Economic Club of New York and the Real Estate Roundtable. He is a Trustee of The Touro College and University System and sits on the Board Supervisory Committee for The New York Medical College.

Mr. Lichtenstein previously served on the NYC Economic Development Corporation’s Board of Directors, appointed by New York City Mayor Bill de Blasio. He was also Co-Chair of the Real Estate Roundtable’s Real Estate Capital Policy Advisory Committee and a Trustee of the Citizens Budget Commission. He was formerly a member of the Brookings Institution’s Economic Studies Council.

President

Mitchell Hochberg

Mitchell C. Hochberg is President of Lightstone. He has more than 30 years of experience in every facet of real estate development and operations, including the residential, hospitality, commercial, gaming, and mixed-use sectors. He founded and for 20 years served as the President and Chief Executive Officer of Spectrum Communities, a premier residential developer in the northeastern United States. Thereafter, he served as President and Chief Operating Officer of Ian Schrager Company, a developer and manager of innovative luxury hotels and residential projects in the United States. For 10 years until its sale to LVMH in 2019, Mr. Hochberg served on the Board of Directors of Belmond (NYSE: BEL; formerly Orient-Express Hotels Ltd.), as Chairman of the Investment Committee, and member of the Audit and Nominating and Governance Committees.

Mr. Hochberg provides strategic guidance to the Lightstone DIRECT team on a day-to-day basis.

Mr. Hochberg serves as First Vice Chair of WMC Health, having recently completed a six-year term as Chairman of the Board of Directors. WMC Health is a $2.2 billion, 9 hospital, regional healthcare network including trauma centers, community hospitals, and the region’s only children’s hospital, spanning 6,200 square miles with a workforce of 13,000 people. Mr. Hochberg is an Attorney at Law and a Certified Public Accountant. He received his law degree as a Harlan Fiske Stone Scholar from Columbia University School of Law. He graduated magna cum laude from New York University College of Business and Public Administration with a Bachelor of Science degree in accounting and finance.

Chief Growth Officer

Soren Godbersen

Soren Godbersen is Chief Growth Officer at Lightstone DIRECT, where he oversees investor experience, day-to-day operations, marketing, and strategic direction of the group. Previously Godbersen was Chief Growth Officer at EquityMultiple, a category-defining real estate investment platform for accredited investors where he led the Marketing and Investor Relations Teams, helping to grow the firm’s AUM to nearly $1B, and investor network to over 5,000 individual high-net-worth investors. Godbersen holds a Bachelor's of Arts in Economics with Honors from Whitman College.

Soren Godbersen

Chief Growth Officer
Chief Investment Officer

Greg Fink

Greg Fink is the Chief Investment Officer of Lightstone DIRECT and the Vice President of Acquisitions at Lightstone. Under Lightstone DIRECT, Greg manages day-to-day operations, provides strategic oversight for all investments, and leads DIRECT’s long-term growth trajectory.

At Lightstone, Greg is also the Vice President of Acquisitions, where he leads Lightstone’s multifamily investments nationwide. He joined Lightstone in 2015 and has closed over $3.0BN worth of multifamily acquisitions and dispositions across 16,000 units nationwide. He oversees all aspects of a transaction from strategy, sourcing, structuring, financing, and closing. Mr. Fink graduated from New York University with a B.S. in Communications and a M.S. in Real Estate Finance.

Greg Fink

Chief Investment Officer
Head of Capital Formation

Jonathan Spitz

Jonathan Spitz is the Head of Capital Formation at Lightstone DIRECT, where he oversees fundraising and business development activities associated with Lightstone’s real estate investment platform. With more than a decade of experience in private real estate, Jonathan specializes in helping high-net-worth individuals, RIAs, and family offices access institutional-quality multifamily and industrial opportunities. Before joining Lightstone, Jonathan spent five years at Origin Investments, where he played a key role in scaling the firm’s capital raising efforts among RIAs, family offices, and high net worth individuals.

Jonathan Spitz

Head of Capital Formation
Associate Director, Capital Formation

Storm Murphy

Storm Murphy is Associate Director of Capital Formation at Lightstone DIRECT, where he helps lead the firm’s capital raising efforts across its multifamily and industrial investment platforms. He combines investment strategy, financial acumen, communication, and strategic marketing to enhance the investment experience for high-net-worth individuals, RIAs, and family offices.

Before joining Lightstone, Storm raised capital across the Midwest in the multifamily space. He holds a Bachelor's in Finance from Wofford College, where he captained the Division I basketball team to an NCAA Tournament appearance and later helped lead Virginia Tech to an ACC Championship. He brings the same leadership, discipline, and competitiveness developed on the court to his work in capital markets. Outside of the office, he’s an avid golfer and enjoys playing Texas Hold’em.

Storm Murphy

Associate Director, Capital Formation
Associate, Capital Formation

Maya Green

Maya Green is an Associate on the Capital Formation team at Lightstone DIRECT, where she supports fundraising strategies and investor outreach to drive capital formation and strengthen investor partnerships.

Maya Green

Associate, Capital Formation
Investor Relations Coordinator

Annina Vaisanen

Annina Vaisanen is part of the Investor Relations team at Lightstone DIRECT, where she focuses on coordinating and enhancing the investor experience across the platform. In addition to overseeing investor relationships, she also plays a key role in streamlining systems and processes that support efficient operations across the group.

Annina Vaisanen

Investor Relations Coordinator
Director, Product & Technology

Angel Acevedo

Angel Acevedo is the Director of Product & Technology for Lightstone DIRECT, where he oversees the end-to-end architecture, development, and operational integrity of the investment platform. He leads the design and implementation of the platform’s core systems, including data infrastructure, integrations, compliance workflows, and investor-facing technology, to ensure a secure, transparent, and seamless investing experience.

Angel brings more than a decade of experience in enterprise integrations, cloud architecture, and data strategy, with a strong track record of building reliable systems in regulated and high-trust environments. Before joining Lightstone DIRECT, he led data and technology initiatives across real estate, financial services, and analytics, including the development of enterprise data warehouses, automation frameworks, and investor management tools at scale. At Lightstone DIRECT, he combines product leadership with deep technical expertise to deliver a platform built for accuracy, stability, and long-term investor confidence.

Angel Acevedo

Director, Product & Technology
Executive Vice President & General Counsel

Joseph E. Teichman

Joseph E. Teichman is Executive Vice President and General Counsel at Lightstone, where he is responsible for overseeing and managing the legal affairs of the company and its operating entities. Mr. Teichman also contributes to the company’s overall strategy as a member of the company’s executive management team. Prior to joining Lightstone in 2007, Mr. Teichman practiced law at Paul, Weiss, Rifkind, Wharton & Garrison LLP, in New York, focusing on corporate finance with an emphasis on leveraged transactions. Mr. Teichman holds a Juris Doctor from the University of Pennsylvania Law School and a Bachelor’s degree from Beth Medrash Govoha. He is licensed to practice law in New York and New Jersey. Mr. Teichman is also a member of the Board of Directors of Yeshiva Orchos Chaim, Lakewood, NJ and was appointed to the Ocean County College Board of Trustees in January 2013.

Joseph E. Teichman

Executive Vice President & General Counsel
Senior Vice President, Investments

Sanford Blumenthal

Sanford Blumenthal has been active in the fields of commercial real estate and investment finance for over 15 years. At Lightstone, Sanford has closed over $3 billion of completed acquisitions, developments, and financings. Mr. Blumenthal is responsible for sourcing, underwriting, deal structuring, and due diligence across the residential, hospitality, office, industrial, retail, and land sectors. During his tenure at Lightstone, Sanford has been instrumental in the strategic development of lifestyle-oriented hotels in major gateway markets, with a primary focus on the Moxy brand. Sanford specializes in opportunistic deals with intricate capital structures. Prior to joining the Lightstone team, Sanford worked at Madden Real Estate Ventures where he focused on residential and hospitality acquisitions and developments as well as asset management for properties located throughout the United States. While at Madden, Mr. Blumenthal acquired 17 hotels valued at over $130 million. Mr. Blumenthal began his career at Vornado Realty Trust in the Acquisitions and Capital Markets group where he was responsible for asset and portfolio underwriting, corporate valuation and capital markets transactions. Sanford graduated Magna Cum Laude from the University of Pennsylvania with a Bachelor of Arts in International Relations.

Sanford Blumenthal

Senior Vice President, Investments
Chief Credit Officer, Lightstone

Moshe LIchtenstein

Moshe Lichtenstein is a senior member of the Lightstone investment team and Chief Investment Officer of Converge US. Mr. Lichtenstein is responsible for investment strategy and oversees the sub-managers for Converge. For Lightstone, he oversees a team of investment professionals who evaluate on a daily basis potential investments in all sectors of real estate including residential, commercial, retail and industrial. Mr. Lichtenstein has been a key member of Lightstone’s executive management team and is a member of the investment, credit and compliance committees. Mr. Lichtenstein sits on the Board of Trustees of New York Medical College, and is the chair of its audit committee.

Moshe LIchtenstein

Chief Credit Officer, Lightstone
Chief of Staff, Vice President

Emily Steinberg Toraason

Emily Steinberg Toraason is Chief of Staff to the President of Lightstone. Ms. Toraason’s primary responsibilities include managing and coordinating all operational and financial activities across Lightstone’s multiple investment platforms. Since joining Lightstone in 2017, Ms. Toraason also served as Project Manager for multiple residential development projects across the Greater New York City Area. Ms. Toraason previously worked at Goldman Sachs, both within the leadership team for the Investment Management Division and in the Office of the General Counsel. Ms. Toraason earned an M.B.A. from Columbia University’s Columbia Business School with honors and a B.A. in Political Economy, cum laude, from Williams College.

Emily Steinberg Toraason

Chief of Staff, Vice President
Senior Vice President, Industrial Asset Management

Robert Munson

Robert Munson is the Senior Vice President of Industrial Asset Management. He is responsible for providing strategic direction, oversight and asset management for our industrial portfolio. Mr. Munson brings more than 25 years of experience in the commercial real estate industry to the Lightstone Group. Prior to joining Lightstone he spent more than 15 years primarily focused on industrial real estate at firms like Global Logistics Properties (GLP) and Blackstone’s Link Logistics where he was responsible for asset management, leasing, operations and investment oversight for a portfolio of real estate valued at more than $8 Billion dollars. Annually his team would typically complete more than 300 lease transactions resulting in approximately 8 million square feet of activity.

Robert Munson

Senior Vice President, Industrial Asset Management
Senior Vice President, Asset Management & Investments

Ariel Feldhamer

Ariel Feldhamer is Senior Vice President of Asset Management and Investments for Lightstone, and President of Beacon Management, the property management subsidiary of Lightstone. Mr. Feldhamer is responsible for the operations and asset management of more than 15,000 multifamily units, valued in excess of $2 billion, including oversight of all facets of property operations, capital allocations, and development and execution of ownership strategy for the portfolio. Additionally, Mr. Feldhamer plays a lead role in the acquisition, disposition, and financing of multifamily assets for Lightstone and has been instrumental in completing over $2 billion in transactions since joining the company in 2005. Mr. Feldhamer holds both a Bachelor’s degree and a Master’s degree from Beth Medrash Govoha.

Ariel Feldhamer

Senior Vice President, Asset Management & Investments
Executive Vice President & Chief Financial Officer

Seth Molod

Seth D. Molod is Executive Vice President and Chief Financial Officer of Lightstone, where he is responsible for overseeing and managing all corporate finance operations. Mr. Molod also serves as CFO of five public non-traded REITS and a director of Lightstone’s entity which has issued bonds listed on the Tel Aviv Stock Exchange. Prior to joining Lightstone, he served as Chair, Real Estate Services and Executive Committee member at Berdon LLP, a leading real estate accounting and consulting firm. Mr. Molod brings over 25 years of extensive experience advising some of the nation’s most prominent real estate owners, developers, managers, and investors in both commercial and residential projects. He has advised privately held real estate companies as well as institutional investors, REITs, and other public companies. Mr. Molod received a Bachelor of Business Administration degree in accounting from Muhlenberg College. He is licensed as a certified public accountant in New Jersey and in New York.

Seth Molod

Executive Vice President & Chief Financial Officer
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NEWS & INSIGHTS

Cash Flow Investing
Our Early Funding Investment Incentive
Read on
Market Perspective
Real Estate Crowdfunding and Its Discontents Whitepaper
Read on
Market Perspective
How Reshoring is Rewriting the Industrial Landscape Whitepaper
Read on
Real Estate Investing 101
Cash Flow Investing
An Investor’s Guide: Industrial Real Estate Sub-Asset Types
Read on
Real Estate Investing 101
Market Trends
Do Interest Rates Really Drive Cap Rates? What Investors Need to Know
Read on
Real Estate Investing 101
The Lightstone DIRECT Opportunity Whitepaper
Read on
part-2-A

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EARNED

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