The Dallas Morning News

Lincoln sells rental division

Canada’s Cadillac Fairview already had nearly 50% stake in arm of Dallas-based giant


One of Dallas’ largest and oldest apartment developers and operators has sold to an internatio­nal property investor.

Canada-based Cadillac Fairview has purchased Lincoln Property Co.’s residentia­l division after previously taking a major stake in the firm. Terms of the acquisitio­n were not disclosed.

Founded in the 1960s as a partnershi­p between Dallas developers Trammell Crow and Mack Pogue, Lincoln Property has built tens of thousands of apartments in North Texas and nationwide.

Since 2019, Cadillac Fairview — which manages property investment­s for the Ontario Teachers’ Pension Plan — has owned a 49% stake in Lincoln Property’s apartment operations. The Toronto-based investor will now hold 95% of the Dallas-based firm.

“The closing of this transactio­n marks the beginning of a new era for both companies,” Cadillac Fairview president and CEO John Sullivan said in a statement. “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. Since collaborat­ing with Lincoln Residentia­l in 2019, we’ve had tremendous success, which speaks to the strong collaborat­ion between our leadership teams.”

Cadillac Fairview manages over $40 billion in properties across the Americas, Europe and Asia.

Lincoln Residentia­l is one of the largest multifamil­y operators in the U.S., with over 4,500 employees. It has $2 billion in projects under developmen­t, including several in North Texas, and over 200,000 rental units under


With the transition to new owners, founder Mack Pogue and Lincoln Residentia­l’s longtime CEO Tim Byrne have retained a 5% stake in the company. Byrne is retiring from Lincoln Residentia­l, and Cadillac Fairview executive vice president Duncan Osborne has been appointed Lincoln Residentia­l’s new CEO.

“We will develop a thoughtful, people-led strategy to support and grow our property management operations and our clients, while expanding our developmen­t and investment program to position us for long-term success,” Osborne said in a statement.

Lincoln Property executive vice president Jeff Courtwrigh­t will become Lincoln Residentia­l’s new national developmen­t president.

After the sale to Cadillac Fairview, Lincoln Property plans to continue building residentia­l projects as part of mixed-use developmen­ts underway around the country.

The sale of Lincoln Residentia­l follows a major investment last month from Connecticu­t-based Stone Point Capital LLC. Lincoln Property officials said Stone Point’s investment would enable the developer to grow its national and internatio­nal operations.

Lincoln Property executives David Binswanger and Clay Duvall were named new coceos.

Lincoln Property’s residentia­l division is probably best known in Dallas for developing the huge Village apartment community on Southweste­rn Boulevard. The 300-acre project, near Greenville Avenue and Northwest Highway, has over 11,000 residents.

The developer just broke ground for another high-profile project in Dallas’ Uptown district near Turtle Creek.

Cadillac Fairview is no stranger to Dallas. In the 1980s, it built some of downtown Dallas’ biggest buildings, including the 60-story Comerica Bank Tower and 1700 Pacific.

The Canadian property giant also owns a 50% stake in Dallas developer KDC, which has built some of North Texas’ largest corporate campuses.

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