DALLAS, TX - Lincoln Property Company, the second largest property management company in the United States, announced that it will acquire the multifamily property management business of The Excelsior Group, Excelsior Multifamily LLC. The Excelsior Group is a Minneapolis-based real estate services company. Its Excelsior Multifamily LLC company manages a portfolio of 27 multifamily properties encompassing nearly 4,500 units in the Minneapolis/St. Paul metropolitan area. Terms of the sale were not disclosed.
Excelsior Multifamily will expand Lincoln’s Midwest region, 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 multifamily portfolio will more than quadruple Lincoln’s presence in the Minneapolis/St. Paul market. Nearly all Excelsior Multifamily employees, including the business’s core leadership team, will join the local Lincoln team.