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Organization Also Announces Rebranding of Subsidiary as Cedarbridge LAKEWOOD, NJ (May 29, 2008) – The Lightstone Group, one of the largest private real estate owners in the country, announced today two major changes for Beacon Management. Jack Cassidy was appointed president of the organization, the multifamily subsidiary of The Lightstone Group whose portfolio includes 22,000 rental units. Cassidy brings to The Lightstone Group more than 20 years of experience leading and managing multifamily companies. Also, effective June 1, Beacon Management will be rebranded as Cedarbridge Residential. The rebranding is part of an overall new marketing effort for the company. “Jack Cassidy brings the skills and talent necessary to lead the growth and development of our multifamily platform,” said Chip Owen, president and chief operating officer for The Lightstone Group. “He is a seasoned veteran and this appointment is consistent with our strategy at Lightstone to attract the best and brightest leaders in the industry.” Cassidy joins The Lightstone Group having most recently served as president and chief executive officer of America First Apartment Investors, Inc. responsible for developing and directing all strategy, growth and operations functions of this publicly held multifamily real estate investment trust. America First Apartment Investors, Inc. was sold in 2007. “I am very excited to be joining the Lightstone organization to help drive its residential operating platform and contribute to the overall success of the organization,” said Cassidy. “Lightstone has established itself as one of the largest owner/operators in the industry and I look forward to building on its achievements.” Cassidy earned his Master’s of Business Administration degree in finance from Columbia University School of Business and his bachelor’s degree in economics from Georgetown University. He resides in Bronxville, NY, with his family.
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