Lincoln Property Co. Expands Midwest Presence
The company will acquire Excelsior Multifamily LLC, the Excelsior Group’s multifamily property management business in Minneapolis, MN.
MINNEAPOLIS, MN – Lincoln Property Co. has agreed to acquire the Excelsior Group’s multifamily property management business, Excelsior Multifamily LLC.
The acquisition of the Minneapolis-based, Excelsior Multifamily will expand Lincoln Property’s portfolio and office presence within the Midwest.
Excelsior Multifamily currently manages a portfolio of 27 multifamily properties, encompassing nearly 4,500 units in the Minneapolis/St. Paul metropolitan area. With the addition of Excelsior Multifamily, Lincoln Property’s portfolio will more than quadruple in size within the Minneapolis/St. Paul market.
Lincoln Property currently has offices in Chicago, IL and Kansas City, MO in the Midwest. Upon the acquisition, nearly all of Excelsior Multifamily’s employees will join the Lincoln Property’s local Minneapolis/St. Paul team.
Terms of the sale were not disclosed.
“We are thrilled to welcome the Excelsior Multifamily team and its portfolio of properties to Lincoln,” says Bruce Webster, SVP of the Midwest region for Lincoln Property Co. “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,” states Chris Culp, founder and CEO of the Excelsior Group. “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.”
Culp adds, “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.”