Lincoln Buys Spectrum Cos., Expands Southeast Footprint
The deal involves a portfolio of more than 7,000 units in the region.
Lincoln Property Co. has acquired The Spectrum Cos., one of the largest multifamily developers in the Carolinas region. The company is based in Charlotte, N.C.
The transaction expands Lincoln’s real estate capabilities across the Carolinas, strengthening its regional presence and local market knowledge. The firm’s total management and leasing portfolio amounts to more than 720 million square feet of commercial space across the U.S., U.K. and Europe.
Lincoln Senior Executive Vice President Johno Harris and Spectrum CEO Stephen McClure will be in charge of leading the upcoming platform, which will also include Spectrum’s multifamily operations across Northern and Central Florida.
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Executive Chairman Darryl Dewberry will continue his role at Spectrum, overseeing the company’s development and investment partnerships he facilitated across the region. The firm operates across the Southeast, with projects concentrated in markets such as Charlotte, Raleigh, N.C., Charleston, S.C., Greenville, S.C., Jacksonville, Fla., Tampa, Fla., and Orlando, Fla.
Since its 1982 inception, Spectrum has developed more than 7,000 residential units across 59 projects and currently leases and manages 4.4 million square feet. The company provides commercial leasing, property management, capital management and development services.
One of its recent multifamily projects is Vara Trinity Park, a 267-unit development in one of Durham, N.C.’s historic districts. Spectrum broke ground in March and completion is estimated for 2028, according to Yardi Matrix information.
Investors to focus on regional acquisitions
Lincoln’s acquisition reflects a broader shift in M&A activity across residential real estate, where investors are targeting companies with regional platforms, according to a report by Deloitte. Current transactions involve specific companies and portfolios rather than large platform acquisitions, as seen in prior cycles.
Recent activity includes the $3.5 billion acquisition of Veris Residential. A consortium led by Affinius Capital and Vista Hill Partners closed the transaction in May. The REIT has a portfolio of multifamily assets spread across the Northeast.
During the same month, AvalonBay Communities and Equity Residential merged to create a $69 billion firm. The deal will close during the second half of 2026.
