LIGHTSTONE VALUE PLUS REIT ACQUIRES PORTFOLIO
OF FIVE APARTMENT COMMUNITIES IN FLORIDA AND NORTH CAROLINA

LAKEWOOD, NJ-Lightstone Value Plus Real Estate Investment Trust Inc., an affiliate of the Lightstone Group based here, has acquired a portfolio made up of five apartment communities in two states, totaling 1,576 residential units. The seller was the Houston-based Camden Property Trust.

“This was a very strategic purchase for us for a variety of reasons,” says David Lichtenstein, Lightstone’s chairman and CEO. “These properties were originally marketed in three separate efforts, and we believe acquiring them as a single portfolio reflects our creative approach to investing.

“Our acquisition of stabilized class B and B-plus apartment communities at an in-place capitalization rate of 7.4%, combined with our fixed rate mortgage of 5.4%, should provide excellent yields to our investors,” Lichtenstein says.

The acquisition includes Beacon Isles in Tampa, FL, 484 units; Timber Creek, 352 units, and Eastchase, 220 units, in Charlotte, NC; and Beacon Glen, 304 units, and Wendover, 216 units, in Greensboro, NC. For Camden Property Trust, the sale of the two Greensboro properties marks the company’s exit from that market.

Consisting of all garden-style apartments built by Camden between 1980 and 1987, the properties will be managed by Beacon Property Management, another Lightstone affiliate. And all will get substantial interior renovations over the next three years, the new owners say.