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

management.

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.