The U.S. multifamily fund of Lincoln Property Co.’s residential division and its partner Cadillac Fairview, has increased from $800 million to $1.8 billion in equity. Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO) contributed to the $1 billion expansion.
Continuing to serve as a long-term investment vehicle, the fund will focus on development and acquisition of quality multifamily properties in leading U.S. markets.
Among the luxury apartment communities acquired by the fund are The Earl in Arlington, Va.; The Pullman in Denver; The Registry on the Park in Atlanta; The Bernardin in Chicago; and Lake House in Orlando, Fla.
Located at 1122 N. Hudson St. in Arlington, The Earl features studio, one- and two-bedroom apartments with built-in bookshelves and roller shades. A rooftop pool with views of Washington, D.C., is among the property’s amenities.
Situated at 1959 Wewatta St. in downtown Denver, The Pullman features studio and one- through three-bedroom apartments with island kitchens, vinyl flooring and linen closets. A pet play area is among amenities of the property. The Pullman was featured two months ago in an item about major investment sales nationwide.
With an address at 207 13th St. NE in Atlanta, The Registry on the Park offers studios and one- to three-bedroom apartments with hardwood floors and dining rooms. A golf course is among the apartment amenities.
Located at 747 N. Wabash in Chicago’s River North enclave, The Bernardin features studio, one- and two-bedroom apartments with island kitchens and walk-in closets. A Zen Garden is among particularly notable amenities of the building.
Situated at 295 NE Ivanhoe Blvd. in Orlando, Lake House offers studio and one- to three-bedroom apartments with under-counter wine refrigerators and programmable thermostats. An on-site “Paw Spa” for pets is among leading amenities.
The fund has a number of developments currently under construction. In addition, it is planning other projects in leading cities. Among them are Atlanta; Boston; Charlotte, N.C.; Chicago, Dallas, Miami, Nashville, Tenn.; and Phoenix.
In a prepared statement, an IMCO official reported well-performing multifamily assets play a significant diversification function within the company’s portfolio.