- Cadillac Fairview completed its acquisition of Lincoln Property Co.’s residential division last week, completing a process that began in 2019 when it acquired a 49% interest in the company.
- Dallas-based Lincoln’s founder Mack Pogue and retiring CEO Tim Byrne retained a 5% interest in the business. Pogue, who founded the company in 1965, built the firm into the second-largest apartment manager in the country, with more than 4,500 employees. After the transaction, Lincoln Residential is no longer affiliated with Lincoln Property Co.’s commercial division, according to a press release shared with Multifamily Dive.
- In 2019, Toronto-based CF and Lincoln co-sponsored a long-term investment program to develop and acquire apartments in the U.S. Lincoln Residential has completed over $1.5 billion of acquisitions and has another $2 billion under development with more expansion planned.
With new ownership, there will be several changes to the senior executive team, including:
- Duncan Osborne will take over as CEO from Tim Byrne, who has held the position since 1984. Osborne has more than 25 years of experience in real estate, investment and commercial transactions. He most recently served as executive vice president of investments with CF, leading the firm’s international business and spearheading the partnership with Lincoln Residential.
- Jeff Courtwright, who joined Lincoln in 1996, will serve as president of national development. Courtwright will lead Lincoln Residential’s development program nationally and oversee program strategy, resourcing and execution to scale the company’s portfolio. He ran the Southwest Region for the last 26 years.
- Chris Stallsworth joins Lincoln Residential as executive vice president of investments and asset management after serving as managing director in CF’s Dallas office responsible for investment activity across the U.S. Stallsworth, who has over 20 years of experience in investment and asset management, will be responsible for building out the company’s asset management and investment capabilities.
CF manages the global real estate portfolio for the Ontario Teachers’ Pension Plan, managing more than $40 billion of assets across the Americas, Europe and Asia.
“The closing of this transaction marks the beginning of a new era for both companies,” John Sullivan, president and CEO of CF, said in a press release. “For the past five years, Cadillac Fairview has been actively focused on growing and diversifying its global real estate portfolio with best-in-class partners, and since collaborating with Lincoln Residential in 2019, we’ve had tremendous success, which speaks to the strong collaboration between our leadership teams.”
The sale of Lincoln comes three years after Cushman & Wakefield bought Dallas-based Pinnacle — the third-largest property manager. The company, which recently promoted Woody Stone to president of U.S. Multifamily Asset Services, operates 180,000 units across 32 states and Washington, D.C.
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