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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
      STATES</font></div>
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      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
      D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
      TO SECTION 13 OR 15(d) OF THE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      EXCHANGE ACT OF 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): June 30, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lightstone
      Value Plus Real Estate Investment Trust, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      Name of Registrant as Specified in Charter)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maryland</font></div>
            </td>
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            <td valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">333-117367</font></div>
            </td>
            <td valign="top" width="5%">&#160;</td>
            <td valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20-1237795</font></div>
            </td>
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                or other jurisdiction of<br>incorporation or organization)</font></div>
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                <hr style="COLOR: black" align="center" noshade size="1" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
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            <td valign="top" width="5%">&#160;</td>
            <td valign="top" width="30%">
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                <hr style="COLOR: black" align="center" noshade size="1" width="50%">
                (I.R.S. Employer</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">326
      Third
      Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lakewood,
      New Jersey 08701</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address,
      including zip code, of Principal Executive Offices)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
      telephone number, including area code: (732) 367-0129</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Pre-commencement communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Pre-commencement communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Completion
      of Acquisition or Disposition of Assets.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
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      30, 2006, Lightstone Value Plus Real Estate Investment Trust, Inc. (the
&#8220;Registrant&#8221;), through four wholly owned single purpose subsidiaries (the
&#8220;Owners&#8221;) of LVP Michigan Multifamily Portfolio LLC (&#8220;LVP MMP&#8221;), acquired four
      apartment communities in suburban Michigan (the &#8220;Properties&#8221;) from Home
      Properties, L.P. and Home Properties WMF I, LLC (collectively, the &#8220;Seller&#8221;).
      The Seller is not affiliated with the Registrant or its subsidiaries. Lightstone
      Value Plus REIT LP, the REIT's operating partnership (the &#8220;Partnership&#8221;), holds
      a
      99% membership interest in LVP MMP, while the Registrant holds a 1% membership interest in LVP
      MMP.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Properties are four apartment communities located in suburban Michigan. The
      aggregate acquisition price for the Properties was approximately $44.2 million,
      including acquisition-related transaction costs. Approximately $4.6 million
      of
      the acquisition cost was funded with offering proceeds from the sale of the
      Registrant&#8217;s common stock and approximately $39.6 million was funded with a
      $40.7 million fixed rate loan secured by all of the Properties (see Item 2.03
      for a description of the loan). Additional loan proceeds were used to fund
      escrows of approximately $1.1 million for future capital improvements, real
      estate taxes and insurance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant does not intend to make significant renovations or improvements
      to
      any of the Properties. Management of the Registrant believes that the Properties
      are adequately insured. A brief description of each Property
      follows.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Carriage
      Hill Apartments</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Approximately
      $7.3 million of the total purchase price and $7.0 million of the total loan
      amount was allocated to the acquisition by Carriage Hill MI LLC of Carriage
      Hill
      Apartments, which has an appraised value of $9.4 million. Built in 1965,
      Carriage Hill Apartments is a multifamily apartment complex consisting of 168
      units in suburban Dearborn Heights, Michigan. The community consists of seven
      two-story brick buildings on a ten acre landscaped setting and includes numerous
      amenities. Its apartment units have an average size of 783 square feet and
      include 69 one-bedroom units and 99 two-bedroom units. As of June 22, 2006,
      the
      Property had a 91.7% occupancy rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Carriage
      Park Apartments</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Approximately
      $11.3 million of the total purchase price and $11.0 million of the total loan
      amount was allocated to the acquisition by Carriage Park MI LLC of Carriage
      Park
      Apartments, which has an appraised value of $14.6 million. Built in 1966,
      Carriage Park Apartments is a multifamily apartment complex consisting of 256
      units in suburban Dearborn Heights, Michigan. The community consists of ten
      two-story buildings on nearly 13 landscaped acres, and includes numerous
      amenities. Its apartment units have an average size of 778 square feet and
      include 129 one-bedroom units and 127 two-bedroom units. As of June 22, 2006,
      the Property had a 93.4% occupancy rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Macomb
        Apartments</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Approximately
      $8.5 million of the total purchase price, and $8.2 million of the total loan
      amount, was allocated to the acquisition by Macomb Manor MI LLC of Macomb
      Apartments, which has an appraised value of $10.9 million. Built in 1968, Macomb
      Apartments is a multifamily apartment complex consisting of 217 units in
      suburban Roseville, Michigan. The community consists of ten two-story brick
      buildings on a 13 acre landscaped setting and includes numerous amenities.
      Its
      apartment units have an average size of 829 square feet and include 72
      one-bedroom units and 145 two-bedroom units. As of June 22, 2006, the Property
      had a 91.2% occupancy rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Scotsdale
      Apartments</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Approximately
      $15.1 million of the total purchase price, and $14.5 million of the total loan
      amount, was allocated to the acquisition by Scotsdale MI LLC of Scotsdale
      Apartments, which has an appraised value of $19.4 million. Built in 1972,
      Scotsdale Apartments is a multifamily apartment complex consisting of 376 units
      in suburban Westland, Michigan. The community consists of 32 two-story brick
      buildings on a 26 acre landscaped setting and includes numerous amenities.
      Its
      apartment units have an average size of 761 square feet and include 186
      one-bedroom units and 190 two-bedroom units. As of June 22, 2006, the Property
      had a 95.2% occupancy rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.03</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
      Arrangement of a Registrant.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      30, 2006, in connection with the acquisition of the Properties, the Owners
      obtained a $40.7 million fixed rate mortgage loan (the &#8220;Loan&#8221;) from Citigroup
      Global Markets Realty Corp. ("Citigroup"). The Loan has a 30 year amortization
      period, matures in 10 years, bears interest at a fixed rate of 5.96% per annum
      and requires monthly installments of interest only through the first 60 months,
      and monthly installments of principal and interest throughout the remainder
      of
      its stated term. The Loan will mature on July 11, 2016, at which time a balance
      of approximately $37.9 million will be due, assuming no prior principal
      prepayment. Although the loan amount was allocated among the Properties as
      set
      forth in Item 2.01 above, the full loan amount&#160;is secured by all of the
      Properties. Except as described below, the Loan&#160;is non-recourse to the
      Registrant, the Partnership and LVP MMP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Loan, the Registrant and the Partnership (the &#8220;Guarantors&#8221;)
      guaranteed payment of losses that Citigroup may sustain as a result of fraud,
      misappropriation or other acts of misconduct by one or more Owners and/or its
      respective principals or affiliates.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      6, 2006, the Registrant issued a press release to announce its acquisition
      of
      the Properties. A copy of such press release is furnished as Exhibit 99.1 to
      this Current Report on Form 8-K. Pursuant to the rules and regulations of the
      Securities and Exchange Commission, such exhibit and the information set forth
      therein are deemed to have been furnished and shall not be deemed to be &#8220;filed&#8221;
under the Securities Exchange Act of 1934.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
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      Statements and Exhibits.</strong></font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
                Statements. Since it is impracticable to provide the required financial
                statements for the acquired real properties described in Item 2.01
                at the
                time of this filing, and no financial statements (audited or unaudited)
                are available at this time, the Registrant hereby confirms that it
                intends
                to file the required financial statements on or before August 14,
                2006, by
                amendment to this Form 8-K.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pro
                Forma Financial Information. See Paragraph (a)
                above.</font></div>
            </td>
          </tr>

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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" width="50%">

          <tr>
            <td valign="top" width="50%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
                Number</u></font></div>
            </td>
            <td valign="top" width="50%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
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            </td>
            <td align="left" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release dated July 6, 2006</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2">
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                VALUE PLUS REAL</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ESTATE
                INVESTMENT TRUST, INC.</font></div>
            </td>
          </tr>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              July 6, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Michael
              Schurer</font></td>
          </tr>
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            <td align="left">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Michael
                Schurer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer and Treasurer</font></div>
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{"company-data": {"conformed-name": "Lightstone Value Plus Real Estate Investment Trust, Inc.", "cik": "0001296884", "assigned-sic": "6798", "irs-number": "201237795", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-117367", "film-number": "06948803"}, "business-address": {"street1": "C/O THE LIGHTSTONE GROUP", "street2": "326 THIRD STREET", "city": "LAKEWOOD", "state": "NJ", "zip": "08701", "phone": "(732)367-0129"}, "mail-address": {"street1": "C/O THE LIGHTSTONE GROUP", "street2": "326 THIRD STREET", "city": "LAKEWOOD", "state": "NJ", "zip": "08701"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
PURSUANT
      TO SECTION 13 OR 15(d) OF THE
SECURITIES
      EXCHANGE ACT OF 1934
Date
      of
      Report (Date of earliest event reported): June 30, 2006
Lightstone
      Value Plus Real Estate Investment Trust, Inc.
(Exact
      Name of Registrant as Specified in Charter)
Maryland
333-117367
20-1237795
(State
                or other jurisdiction of
incorporation or organization)
(Commission
                File Number)
(I.R.S. Employer
Identification
                No.)
326
      Third
      Street
Lakewood,
      New Jersey 08701
(Address,
      including zip code, of Principal Executive Offices)
Registrant's
      telephone number, including area code: (732) 367-0129
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
      2.01
Completion
      of Acquisition or Disposition of Assets.
On
      June
      30, 2006, Lightstone Value Plus Real Estate Investment Trust, Inc. (the
"Registrant"), through four wholly owned single purpose subsidiaries (the
"Owners") of LVP Michigan Multifamily Portfolio LLC ("LVP MMP"), acquired four
      apartment communities in suburban Michigan (the "Properties") from Home
      Properties, L.P. and Home Properties WMF I, LLC (collectively, the "Seller").
      The Seller is not affiliated with the Registrant or its subsidiaries. Lightstone
      Value Plus REIT LP, the REIT's operating partnership (the "Partnership"), holds
      a
      99% membership interest in LVP MMP, while the Registrant holds a 1% membership interest in LVP
      MMP.
The
      Properties are four apartment communities located in suburban Michigan. The
      aggregate acquisition price for the Properties was approximately $44.2 million,
      including acquisition-related transaction costs. Approximately $4.6 million
      of
      the acquisition cost was funded with offering proceeds from the sale of the
      Registrant's common stock and approximately $39.6 million was funded with a
      $40.7 million fixed rate loan secured by all of the Properties (see Item 2.03
      for a description of the loan). Additional loan proceeds were used to fund
      escrows of approximately $1.1 million for future capital improvements, real
      estate taxes and insurance.
The
      Registrant does not intend to make significant renovations or improvements
      to
      any of the Properties. Management of the Registrant believes that the Properties
      are adequately insured. A brief description of each Property
      follows.
Carriage
      Hill Apartments
Approximately
      $7.3 million of the total purchase price and $7.0 million of the total loan
      amount was allocated to the acquisition by Carriage Hill MI LLC of Carriage
      Hill
      Apartments, which has an appraised value of $9.4 million. Built in 1965,
      Carriage Hill Apartments is a multifamily apartment complex consisting of 168
      units in suburban Dearborn Heights, Michigan. The community consists of seven
      two-story brick buildings on a ten acre landscaped setting and includes numerous
      amenities. Its apartment units have an average size of 783 square feet and
      include 69 one-bedroom units and 99 two-bedroom units. As of June 22, 2006,
      the
      Property had a 91.7% occupancy rate.
Carriage
      Park Apartments
Approximately
      $11.3 million of the total purchase price and $11.0 million of the total loan
      amount was allocated to the acquisition by Carriage Park MI LLC of Carriage
      Park
      Apartments, which has an appraised value of $14.6 million. Built in 1966,
      Carriage Park Apartments is a multifamily apartment complex consisting of 256
      units in suburban Dearborn Heights, Michigan. The community consists of ten
      two-story buildings on nearly 13 landscaped acres, and includes numerous
      amenities. Its apartment units have an average size of 778 square feet and
      include 129 one-bedroom units and 127 two-bedroom units. As of June 22, 2006,
      the Property had a 93.4% occupancy rate.
Macomb
        Apartments
-2-
Approximately
      $8.5 million of the total purchase price, and $8.2 million of the total loan
      amount, was allocated to the acquisition by Macomb Manor MI LLC of Macomb
      Apartments, which has an appraised value of $10.9 million. Built in 1968, Macomb
      Apartments is a multifamily apartment complex consisting of 217 units in
      suburban Roseville, Michigan. The community consists of ten two-story brick
      buildings on a 13 acre landscaped setting and includes numerous amenities.
      Its
      apartment units have an average size of 829 square feet and include 72
      one-bedroom units and 145 two-bedroom units. As of June 22, 2006, the Property
      had a 91.2% occupancy rate.
Scotsdale
      Apartments
Approximately
      $15.1 million of the total purchase price, and $14.5 million of the total loan
      amount, was allocated to the acquisition by Scotsdale MI LLC of Scotsdale
      Apartments, which has an appraised value of $19.4 million. Built in 1972,
      Scotsdale Apartments is a multifamily apartment complex consisting of 376 units
      in suburban Westland, Michigan. The community consists of 32 two-story brick
      buildings on a 26 acre landscaped setting and includes numerous amenities.
      Its
      apartment units have an average size of 761 square feet and include 186
      one-bedroom units and 190 two-bedroom units. As of June 22, 2006, the Property
      had a 95.2% occupancy rate.
Item
      2.03
Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
      Arrangement of a Registrant.
On
      June
      30, 2006, in connection with the acquisition of the Properties, the Owners
      obtained a $40.7 million fixed rate mortgage loan (the "Loan") from Citigroup
      Global Markets Realty Corp. ("Citigroup"). The Loan has a 30 year amortization
      period, matures in 10 years, bears interest at a fixed rate of 5.96% per annum
      and requires monthly installments of interest only through the first 60 months,
      and monthly installments of principal and interest throughout the remainder
      of
      its stated term. The Loan will mature on July 11, 2016, at which time a balance
      of approximately $37.9 million will be due, assuming no prior principal
      prepayment. Although the loan amount was allocated among the Properties as
      set
      forth in Item 2.01 above, the full loan amount is secured by all of the
      Properties. Except as described below, the Loan is non-recourse to the
      Registrant, the Partnership and LVP MMP.
In
      connection with the Loan, the Registrant and the Partnership (the "Guarantors")
      guaranteed payment of losses that Citigroup may sustain as a result of fraud,
      misappropriation or other acts of misconduct by one or more Owners and/or its
      respective principals or affiliates.
Item
      7.01
Regulation
      FD Disclosure.
-3-
On
      July
      6, 2006, the Registrant issued a press release to announce its acquisition
      of
      the Properties. A copy of such press release is furnished as Exhibit 99.1 to
      this Current Report on Form 8-K. Pursuant to the rules and regulations of the
      Securities and Exchange Commission, such exhibit and the information set forth
      therein are deemed to have been furnished and shall not be deemed to be "filed"
under the Securities Exchange Act of 1934.
Item
      9.01
Financial
      Statements and Exhibits.
(a)
Financial
                Statements. Since it is impracticable to provide the required financial
                statements for the acquired real properties described in Item 2.01
                at the
                time of this filing, and no financial statements (audited or unaudited)
                are available at this time, the Registrant hereby confirms that it
                intends
                to file the required financial statements on or before August 14,
                2006, by
                amendment to this Form 8-K.
(b)
Pro
                Forma Financial Information. See Paragraph (a)
                above.
(c)
Exhibits.
Exhibit
                Number
Description
99.1
Press
                Release dated July 6, 2006
-4-
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
LIGHTSTONE
                VALUE PLUS REAL
ESTATE
                INVESTMENT TRUST, INC.
Date:
              July 6, 2006
By:
/s/ Michael
              Schurer
Michael
                Schurer
Chief
                Financial Officer and Treasurer
-5-