DALLAS, TX - Lincoln Property Company’s residential division and its partner, Cadillac Fairview, as co-sponsor, have grown their US multifamily fund from $800 million to $1.8 billion in equity. Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO) contributed to the $1.0 billion expansion.
The fund will continue to work as a long-term investment vehicle, focusing on the development and acquisition of high-quality multifamily assets in top US markets. To date, the fund has acquired several luxury communities including: The Earl in Arlington, VA; The Pullman in Denver, CO; The Registry on the Park in Atlanta, GA; The Bernardin in Chicago, IL; and Lake House in Orlando, FL.
“The growth of the fund is a testament to the success we’ve seen since its inception nearly two years ago,” said Duncan Osborne, Executive Vice President, Investments, for Cadillac Fairview. “Expanding and diversifying into the US multifamily market with our partner, Lincoln Residential, alongside our existing partner, IMCO, has been fruitful and we look forward to the opportunities that arise from the fund’s continued growth.”
Tim Byrne, CEO for Lincoln Residential, commented, “We are honored to grow our partnership with Cadillac Fairview and IMCO. They are great partners and we are excited to continue our goal of building a best-in-class portfolio together.”
In fact, the fund has numerous development projects under construction, with additional projects planned in major cities, including Boston, Washington, D.C., Charlotte, Nashville, Dallas, Atlanta, Miami, Phoenix, and Chicago, to name a few.
Brian Whibbs, Managing Director, Real Estate for IMCO added, “Multi-residential assets continue to perform well and play an important diversification role in our portfolio. Upsizing our commitment in this successful US multifamily fund with our valued partners Lincoln and CF furthers IMCO’s mission of creating value for our clients.”