Real Estate Firm Begins to Harvest Lots it Acquired During Downturn
New York, NY – The Lightstone Group has closed on the sale of a 23.53-acre, multi-family development site in Las Vegas for $10.17 million.
Lightstone acquired the land, located at Hacienda Avenue and Interstate 215, in May 2011 for $4.4 million from City National Bank, as part of its strategy to acquire development land in areas where land pricing was extremely depressed due to the real estate downturn. Lightstone took the land through the entitlement process and received approvals to build 450 units on the property in 2013.
“The successful sale of Hacienda is a strong testament to Lightstone’s unique ability to identify, acquire and manage undervalued real estate properties and create significant value,” said David Lichtenstein, CEO and Chairman of Lightstone. “As the United States housing market trends upward, a number of our investments are drawing buyer interest at a significant premium to our acquisition basis. We had envisioned a seven- to 10-year investment plan, but things seem to be moving ahead of schedule.”
To date, Lightstone has more than 15,000 lots in Arizona, California and Florida.
About The Lightstone Group
The Lightstone Group, founded in 1988, is a privately held real estate company with one of the most diversified real estate portfolios in the United States. Today, Lightstone’s portfolio consists of more than 11,000 multifamily units and 8.1 million square feet of office, hotel, retail and industrial assets. Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last 10 years. The company has owned, managed and developed 25 outlet centers totaling more than 8 million square feet. Lightstone is one of the most active residential developers in New York City with more than $1 billion of residential and hospitality projects under development.
For more information, visit www.lightstonegroup.com.