Lincoln Property Co. to Acquire Excelsior Multifamily
- Apr 02, 2021
Lincoln Property Co. will be growing its midwestern U.S. portfolio with an acquisition of The Excelsior Group’s multifamily group.
The details of the Excelsior Multifamily LLC acquisition were not disclosed but would add 27 communities in the Minneapolis/St. Paul metro area totaling nearly 4,500 units to Lincoln’s management portfolio.
The acquisition will see nearly all of Excelsior Multifamily’s employees and executives join the local Lincoln team. Bruce Webster, Lincoln’s senior vice president for the Midwest Region, said in prepared remarks that the transition of the Excelsior Multifamily management team to Lincoln would maintain continuity of operations for residents and property owners.
Excelsior Multifamily was first created in 2005 as a subsidiary of The Excelsior Group. The division has since grown from 400 units to 4,500 units under management, mostly through third-party management and development partnerships. Excelsior Multifamily has also developed more than 2,500 units and had another 1,000 units under development that would be added to its management portfolio.
Chris Culp, founder & CEO of The Excelsior Group, said in prepared remarks that the company was looking for ways to grow its multifamily property management business and saw the opportunity to join the Lincoln platform as the best outcome.
MAJOR MIDWEST EXPANSION
When the acquisition closes, Lincoln will have quadrupled its presence in the Minneapolis/St. Paul market. Lincoln’s Minnesota portfolio already includes several properties in Minneapolis as well as communities in Woodbury. Excelsior also formed a joint venture with PCCP LLC in July 2020 to acquire a 66-unit community in Maple Grove, Minn.
The acquisition will also bolster the company’s efforts in the Midwest region, where it currently has offices in Chicago and Kansas City. But across the U.S., Lincoln has more than 205,000 units under management.