Lincoln Property Company’s residential division and its partner, Cadillac Fairview, as co-sponsor, announced the close of a US multifamily fund. With $800 million in equity commitments from Lincoln Residential, Cadillac Fairview, and the Investment Management Corporation of Ontario (IMCO), the fund will focus on the development and acquisition of high-quality multifamily assets in top US markets. This long-term investment vehicle continues Lincoln Residential’s integration into the asset management business and furthers both Cadillac Fairview and IMCO’s goals of creating a diversified US multifamily portfolio.
Tim Byrne, Lincoln’s Residential CEO stated, “We’re excited to continue our relationship with Cadillac Fairview and to establish a new one with IMCO. It’s an honor to partner with quality institutions that share our values and investment philosophy.”
Chase Erickson, Lincoln’s Vice President of Investments, added, “Together with Cadillac Fairview and IMCO, we look forward to building a long-term portfolio of assets across the country. Our shared vision and surety of execution will allow us to compete for the highest quality multifamily opportunities in the market.”
To date, the partnership has commenced two multifamily development projects, a 254-unit community in Boston, Massachusetts, and a 374-unit community in Fort Lauderdale, Florida. The fund further anticipates starts in other major metropolitan centers early next year and is in the entitlement process on numerous development projects across the country.
Earlier this year, Lincoln Residential and Cadillac Fairview closed on a long-term strategic partnership, concentrating on the growth of multifamily property management operations and investments across the United States.
“Building strong partnerships is central to the thesis of our strategy,” said Duncan Osborne, Executive Vice President, Investments, Cadillac Fairview. “We are thrilled to grow our business with a world-class partner like Lincoln Residential and have our existing partner, IMCO, invest alongside us in this exciting opportunity.”
“IMCO is focused on creating long term value for its clients through strategic investment opportunities,” said Jean Michel, Chief Investment Officer, IMCO. “Working alongside exceptional leaders like Lincoln and Cadillac Fairview enables us to achieve this goal and aligns with our strategy of nurturing strong partnerships with leading global real estate firms.”
View the release here.