Apartment builder and operator Lincoln Residential and a co-sponsor just closed on an $800M multifamily fund aiming to purchase and develop high-quality multifamily assets across the country.
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The vehicle, which has $800M in equity commitments from Lincoln Residential, its co-sponsor and partner Cadillac Fairview and Canadian-based Investment Management Corporation of Ontario, recently launched two multifamily development initiatives: a 254-unit complex in Boston and a 374-unit facility in Fort Lauderdale.
The fund aims to push additional capital toward other multifamily projects across the U.S. next year. It already has several projects in the works, Dallas-based Lincoln Property Co. said in a statement.
Lincoln Residential, a part of Lincoln Property, entered into a long-term partnership with commercial real estate owner and operator Cadillac Fairview earlier this year, hoping to capitalize on growth in the U.S. multifamily space.
“We’re excited to continue our relationship with Cadillac Fairview and to establish a new one with IMCO,” Lincoln Residential CEO Tim Byrne said in a statement. “It’s an honor to partner with quality institutions that share our values and investment philosophy.”
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