Source: Lincoln Property Company
DALLAS, TX - Lincoln Property Company, the second largest property management company in the United States, 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.”