Nearly 60 years after Lincoln Property Company was founded in Dallas by Mack Pogue, its Residential division has been acquired by Cadillac Fairview, a global real estate company based in Toronto, Canada.

Cadillac Fairview is wholly owned by the Ontario Teachers’ Pension Plan and manages over $40 billion of assets across the Americas, Europe, and Asia. It said today’s announcement caps off a transition that began in 2019 when it first acquired a 49% interest in Lincoln Residential, with a goal of supporting and growing multifamily property operations and investments across the U.S.

Terms of the deal were not disclosed. Mack Pogue, who founded Lincoln Property Company in 1965, and Tim Byrne, Lincoln Residential’s retiring CEO, have retained a 5% interest in the business, Cadillac Fairview said.

Lincoln Residential will continue to be headquartered in Dallas, a spokesperson told Dallas Innovates. 

Lincoln Residential and its 4,500 employees manage over 200,000 units across U.S. 

Lincoln Residential is one of the largest multifamily operators in the U.S., managing over 200,000 units across the U.S. and employing more than 4,500 people. To date, the company has completed over $1.5 billion of acquisitions and has another $2 billion under development, “with significant planned expansion of this program,” according to Cadillac Fairview.

‘The beginning of a new era’

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

CF’s Duncan Osborne to succeed Tim Byrne as CEO

Duncan Osborne, the newly named CEO of Lincoln Residential [Photo: Jen Bertrand Photography]

As part of the acquisition, Duncan Osborne has been named to succeed Tim Byrne as Lincoln Residential CEO. Byrne, who is retiring from the role, has held the position since 1984.

Osborne joins Lincoln Residential with more than 25 years of experience in real estate, investment, and commercial transactions. He most recently served as EVP of Investments with Cadillac Fairview, where he led the firm’s international business and spearheaded the partnership with Lincoln Residential.

“Lincoln Residential’s client-first reputation and excellence in property management is a testament to the strength of our people and sets us up for a bright future,” Osborne said in a statement. “In partnership with senior leadership, 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.”

New president and EVP named

To support the company’s growth strategy, Lincoln Residential announced additional changes to its senior leadership team:

Jeff Courtwright has assumed the new role of president, national development. Courtwright joined the company in 1996 and led the growth of the Southwest Region for the last 26 years as EVP. In his new role, he will lead Lincoln Residential’s development program nationally and oversee program strategy, resourcing, and execution to scale the company’s portfolio, CF said.

Chris Stallsworth has joined Lincoln Residential as EVP, investments and asset management. With over 20 years’ experience in investment and asset management, he most recently was a managing director in CF’s Dallas office responsible for investment activity across the U.S. He will now build out Lincoln Residential’s asset management and investment capabilities, the company said.

Cadillac Fairview noted that Lincoln Residential is no longer affiliated with Lincoln Property Company’s commercial division and operates as a separate, independent company.

TD Securities acted as financial advisor and Fried Frank as legal advisor for Cadillac Fairview in the transaction. Goodwin Proctor acted as legal advisor for Lincoln Residential.

The story was updated on Tuesday, March 7, 2023, at 11:11 a.m. to reflect that The Village properties are not part of Lincoln Residential’s portfolio, according to a Cadillac Fairview spokesperson. The Katy, pictured above, is a Lincoln Residential portfolio property. 

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