Key Takeaways

  • Lincoln Property Co. announced the acquisition of full-service real estate company The Spectrum Cos., with the news released via a press release. Since 1982, Spectrum has developed nearly 7,000 multifamily units and currently leases and manages a total of 4.4 million square feet of assets.
  • Lincoln Senior Executive Vice President Johno Harris and Spectrum CEO Stephen McClure will co-lead the Lincoln Carolinas platform, which will also incorporate Spectrum's multifamily operations in North Carolina and Central Florida. Spectrum Executive Chairman Darryl Dewberry will remain in his current role.
  • Lincoln stated that after acquiring the Charlotte-based company, the combined entity will expand its development and acquisition pipeline in the multifamily and commercial real estate sectors. As of press time, Lincoln had not responded to Multifamily Dive's multiple inquiries regarding transaction details.

Dive Insight

Lincoln has been a major player in multifamily development and management for years, but exited those operations in 2023 after selling its residential division to Cadillac Fairview, a process that began in 2019. According to the National Multifamily Housing Council (NMHC), Lincoln was the second-largest apartment management company in the U.S., with more than 4,500 employees managing 210,086 apartments in 2022. After the transaction, Lincoln Residential was no longer affiliated with Lincoln Property Company's commercial division.

Through this deal with Spectrum, Lincoln said it will broaden its product offerings in the Carolinas and deepen its ability to serve clients. However, the press release did not provide further details on specific initiatives.

"By joining forces with Spectrum, we are well-positioned to expand our footprint and deliver higher-quality service to clients in the Carolinas," Harris said in the press release.

Following the acquisition, Spectrum will continue to leverage its existing client and investor relationships while expanding its service offerings and seizing new business opportunities through the integration of Lincoln's vertically integrated capabilities.

Lincoln's acquisition coincides with Milhaus announcing a larger move on the same day—Milhaus merged with SRG Residential, a subsidiary of Sares Regis Group, and acquired Broadshore Capital Partners to enhance its investment and lending capabilities. The deal creates a multifamily platform for Milhaus with a $2.5 billion development pipeline, management of more than 50,000 homes, and investment and lending capabilities across more than 20 markets nationwide.

"This is about increasing annual development starts from 1,800 to 2,000 units to 3,500 units," Milhaus CEO Tadd Miller told Multifamily Dive. "It's also about reaching a management scale of 100,000 homes within the next 24 months. That's what this deal is about."

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