DALLAS, TX – Lincoln Property Company, the second largest real estate management company in the United States, announced that it will acquire Excelsior Group's multi-family real estate management business, Excelsior Multifamily LLC. The Excelsior Group is a Minneapolis-based real estate services company. Excelsior Multifamily LLC manages a portfolio of 27 apartment buildings with nearly 4,500 units in the Minneapolis / St. Paul metropolitan area. Conditions of sale were not disclosed.
Excelsior Multifamily will expand the Midwest region of Lincoln, which currently includes offices in Chicago and Kansas City, and with the acquisition an expanded presence in the Minneapolis / St. Paul metropolitan area. The addition of Excelsior's multi-family portfolio creates Lincoln's presence in the Minneapolis / St. Paul market. Virtually all Excelsior Multifamily employees, including the company's core executive team, will join the local Lincoln team.
"We are very excited to welcome the Excelsior Multifamily team and its real estate portfolio to Lincoln," said Bruce Webster, senior vice president, Midwest, Lincoln Property Company. “The Excelsior management team will join Lincoln to ensure continuity of operations for both residents and property owners. Lincoln's premier management platform will enable the combined company to offer owners enhanced offerings and services and reduce costs. "
"As we looked for ways to grow our apartment building management business, it became clear that joining the Lincoln platform would be the best outcome for both our employees and our customers," said Chris Culp, Founder and Chief Executive Officer of the Excelsior Group. “Our customers will continue to enjoy excellent service from people they know and trust, while having access to the breadth and depth of resources that bring Lincoln's national size and size. Our employees will thrive in a Lincoln culture that is just as entrepreneurial as ours but also offers the career growth and development opportunities of an international real estate company. "
Source: Lincoln Property Company