A Canadian real estate giant now owns one of Dallas’ most active apartment developers.
Toronto-based Cadillac Fairview has purchased Lincoln Property Company’s residential division, the Dallas Morning News reported. Terms of the deal were not reported.
Cadillac Fairview has owned 49 percent of Lincoln’s residential division since 2019. This acquisition comes as Lincoln Residential CEO Tim Byrne is retiring, and Cadillac is looking to expand its portfolio.
Byrne and Lincoln Property founder Mack Pogue will retain a 5 percent stake in the residential division. Duncan Osborne, Cadillac Fairview’s executive vice president, will take over as Lincoln Residential’s CEO. Lincoln Property Company announced last month the promotion of two executives, David Binswanger and Clay Duvall, to co-CEOs, with Pogue retiring.
The acquisition came a month after Lincoln Property Company received an unspecified investment from Connecticut-based Stone Point Capital. The investment will be used for commercial developments across the globe.
Lincoln Residential has been one of Texas’ most active apartment and multifamily operators since its formation in the 1960s, building tens of thousands of apartments across Texas and other parts of the country. The Dallas-based company is currently working on various projects worth $2 billion.
For Cadillac, the acquisition extends its trend of playing a heavy hand in Dallas real estate. It has built iconic buildings in the city since the 1980s, including the 60-story Comerica Bank tower, and it also owns a 50 percent stake in Dallas’ KDC development firm.
—Quinn Donoghue
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