Lincoln Property Company said Thursday it will acquire Excelsior Group’s multifamily property management business, Excelsior Multifamily LLC. Terms of the sale were not disclosed.
Excelsior Multifamily LLC company manages a portfolio of 27 multifamily properties encompassing nearly 4,500 units in the Minneapolis/St. Paul metropolitan area.
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, said Lincoln in a statement.
Excelsior Multifamily employees, including the business’s core leadership team, will join the local Lincoln team.
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“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,” he added.
“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.