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Whitepaper

The Lightstone DIRECT Opportunity Whitepaper

Lightstone DIRECT lets individual investors co-invest alongside Lightstone, a real estate firm with $12B+ AUM and 40 years of multifamily and industrial experience.
WRITTEN BY
PUBLISHED ON
Jonathan Spitz
May 19, 2026
November 24, 2025
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Overview

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For nearly four decades, Lightstone has built and managed one of the country's leading and most diversified privately held real estate portfolios. With over $12B in AUM, our focus has always been on disciplined execution and results across market cycles.

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Today, we are proud to extend that same access to you through Lightstone DIRECT. For the first time, individual investors can co-invest alongside Lightstone in the very same multifamily and industrial opportunities we are pursuing with our own capital.

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This whitepaper explores Lightstone's history and evolution since 1986, assesses the current real estate investing landscape for individual investors, and discusses why now is the time to invest alongside Lightstone through Lightstone DIRECT.

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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.

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