Considered one of Dallas’ largest and oldest condominium builders and operators has offered to a world property investor.
Canada-based Cadillac Fairview has bought Lincoln Property Co.’s residential division after beforehand taking a significant stake within the agency. Phrases of the acquisition weren’t disclosed.
Based within the Sixties as a partnership between Dallas builders Trammell Crow and Mack Pogue, Lincoln Property has constructed tens of hundreds of residences in North Texas and nationwide.
Since 2019, Cadillac Fairview — which manages property investments for the Ontario Lecturers’ Pension Plan — has owned a 49% stake in Lincoln Property’s condominium operations. The Toronto-based investor will now maintain 95% of the Dallas-based agency.
“The closing of this transaction marks the start of a brand new period for each corporations,” Cadillac Fairview president and CEO John Sullivan mentioned in a press release. “For the previous 5 years Cadillac Fairview has been actively centered on rising and diversifying its international actual property portfolio with best-in-class companions. Since collaborating with Lincoln Residential in 2019, we’ve had super success, which speaks to the sturdy collaboration between our management groups.”
Cadillac Fairview manages over $40 billion in properties throughout the Americas, Europe and Asia.
Lincoln Residential is without doubt one of the largest multifamily operators within the U.S., with over 4,500 staff. It has $2 billion in tasks beneath improvement, together with a number of in North Texas, and over 200,000 rental models beneath administration.
With the transition to new homeowners, founder Mack Pogue and Lincoln Residential’s longtime CEO Tim Byrne have retained a 5% stake within the firm. Byrne is retiring from Lincoln Residential, and Cadillac Fairview govt vice chairman Duncan Osborne has been appointed Lincoln Residential’s new CEO.
“In partnership with senior management, we’ll develop a considerate, people-led technique to help and develop our property administration operations and our shoppers, whereas increasing our improvement and funding program to place us for long-term success,” Osborne mentioned in a press release.
Lincoln Property govt vice chairman Jeff Courtwright will develop into Lincoln Residential’s new nationwide improvement president.
After the sale to Cadillac Fairview, Lincoln Property plans to proceed constructing residential tasks as a part of mixed-use developments underway across the nation.
However Lincoln Residential is not affiliated with Lincoln Property’s industrial improvement agency.
The sale of Lincoln Property’s condominium operations follows a significant funding final month within the industrial firm from Connecticut-based Stone Level Capital LLC. Lincoln Property officers mentioned the Stone Level Capital funding would allow the developer to develop its nationwide and worldwide operations.
Lincoln Property executives David Binswanger and Clay Duvall have been named new co-CEOs.
Lincoln Property’s residential division might be finest identified in Dallas for the event of the large Village condominium neighborhood on Southwestern Boulevard. The 300-acre rental challenge, close to the intersection of Greenville Avenue and Northwest Freeway, has over 11,000 residents. The Village residences are actually not a part of Lincoln Residential’s holdings.
The developer simply broke floor for an additional high-profile challenge in Dallas’ Uptown district close to Turtle Creek.
Cadillac Fairview is not any stranger to Dallas. Within the Eighties, the developer constructed a few of downtown Dallas’ largest buildings, together with the 60-story Comerica Financial institution Tower and 1700 Pacific.
The Canadian property big additionally owns a 50% stake in Dallas developer KDC, which has constructed a few of North Texas’ largest company campuses.
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