The country's second largest property management company is expanding its presence in Minneapolis/St. Paul.
One the largest apartment managers in the U.S. is expanding its footprint in the Midwest. Lincoln Property Company is acquiring Excelsior Multifamily, LLC, a subsidiary of Minneapolis-based The Excelsior Group. The acquisition by Dallas-based Lincoln quadruples its reach in the Twin Cities.
Excelsior Multifamily manages 27 communities with nearly 4,500 apartment homes in the Minneapolis/St. Paul metro. Lincoln currently has offices in Chicago and Kansas City, and nearly all employees of Excelsior Multifamily will join the local Lincoln team, states a press release.
According to the National Multifamily Housing Council (NMHC), Lincoln Property Company is the second largest apartment manager in the country with more than 203,000 apartment homes. Lincoln is also among the top developers and owners on NMHC’s 2020 lists.
“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, in the release. “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.”
The Excelsior Group was founded in 2005 and has grown from 400 apartment homes to 4,500.
“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 CEO. “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. 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.”