Lincoln Property-Led Venture Closes $800M Fund

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The firm, along with partner Cadillac Fairview, will focus the fund on developing and acquiring high-quality multifamily across the U.S.

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Lincoln Property Company, along with partner Cadillac Fairview, has closed a multifamily fund focused on U.S. markets with $800 million in equity commitments from Lincoln’s residential arm, Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario.

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The fund will be used to develop and acquire high-quality multifamily properties in top markets across the U.S., according to Lincoln. The long-term investment vehicle is part of Lincoln Residential’s move into the asset management business and furthers the companies’ goals of diversifying their multifamily portfolios in the U.S.

So far, the partnership has launched two multifamily projects as part of the fund: a 254-unit community in Boston, Mass., and a 374-unit community in Fort Lauderdale, Fla. The venture is planning to launch other projects in major metros early next year and is in the beginning stages of the process on multiple development projects across the country.

In prepared remarks, Chase Erickson, vice president of investments at Lincoln Residential, said the venture is looking to build a long-term portfolio of assets across the country. Lincoln Property Co. is one of the top multifamily owners in the country, with 56,271 apartment units and a total portfolio value of $12 billion, according to Yardi Matrix data.

Several multifamily players have launched funds targeting high-quality assets in top markets across the country this year. In February, Nuveen Real Estate launched U.S. Cities Multifamily Fund, a $550 million open-end perpetual life investment vehicle that focuses on acquiring and managing institutional-quality rental properties in the U.S. Nuveen’s launch was followed by Canyon Partners and Santander Bank’s Multifamily Impact Fund IV, launched in April to acquire and manage about $100 million in workforce housing apartment communities for low- to moderate-income residents in the Northeast.

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