Acquisition Accelerates Lincoln’s Midwest Growth
DALLAS and MINNEAPOLIS, April 01, 2021 (GLOBE NEWSWIRE) — Lincoln Property Company (“Lincoln”), the second largest property management company in the United States, today announced that it will acquire the multifamily property management business of The Excelsior Group, Excelsior Multifamily LLC. The Excelsior Group is a Minneapolis-based real estate services company. Its Excelsior Multifamily LLC company manages a portfolio of 27 multifamily properties encompassing nearly 4,500 units in the Minneapolis/St. Paul metropolitan area. Terms of the sale were not disclosed.
Excelsior Multifamily will expand Lincoln’s Midwest region, which currently includes offices in Chicago and Kansas City and, with the acquisition, an expanded presence in the Minneapolis/St. Paul metropolitan area. The addition of Excelsior’s multifamily portfolio will more than quadruple Lincoln’s presence in the Minneapolis/St. Paul market. Nearly all Excelsior Multifamily employees, including the business’s core leadership team, will join the local Lincoln team.
“We are thrilled to welcome the Excelsior Multifamily team and its portfolio of properties to Lincoln,” said Bruce Webster, Senior Vice President, Midwest Region, for Lincoln Property Company. “Excelsior’s management team will be joining Lincoln to ensure continuity of operations for both residents and owners. Meanwhile, Lincoln’s leading management platform will enable the combined business to provide enhanced offerings and services and lower costs to property owners.”
“As we explored options for growing our multifamily property management business, it became clear that joining the Lincoln platform would be the best outcome for both our people and our clients,” said Chris Culp, The Excelsior Group’s Founder and Chief Executive Officer. “Our clients will continue to enjoy excellent service from people they know and trust while gaining access to the breadth and depth of the resources Lincoln’s national size and scale brings. Our people will thrive in a Lincoln corporate culture that is as entrepreneurial as ours but that also affords the career growth and professional development opportunities of an international real estate firm.”
About Lincoln Property Company
Lincoln Property Company was founded in 1965 by Mack Pogue as a builder and operator of high-quality residential communities. Headquartered in Dallas, Lincoln focuses on real estate investment, construction and development, in addition to property management. Its national reputation has enabled Lincoln to attract a large client base of owners and investors who count on Lincoln’s ability to deliver quality results and continually serve as a market leader. Lincoln is currently the second largest multifamily manager in the United States with more than 205,000 units under management and is the fifth largest multifamily developer.
About Excelsior Multifamily LLC
Excelsior Multifamily, LLC is a subsidiary of The Excelsior Group which was founded in 2005 by Chris Culp and Kim Culp. The Excelsior Multifamily team, led by Jennifer Gordon, who joined the company in 2011, has grown from 400 units to 4,500 units under management, primarily through third-party management and development partnerships with local and national clients. The Excelsior Multifamily team has earned a reputation for excellence, local expertise and an outstanding culture built on the values of Humility, Integrity, Passion, Positivity, Initiative, and Excellence.
Sheri Sandefur Killingsworth, Vice President – Marketing & Communications
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SOURCE Lincoln Property Company