Dallas-based Lincoln Property Co. has announced it will acquire the multifamily property management business of The Excelsior Group—Excelsior Multifamily—a Minneapolis-based real estate services company.

Excelsior Multifamily manages a portfolio of 27 multifamily communities with nearly 4,500 units in the Minneapolis/St. Paul metro. Terms of the sale have not been disclosed.

Lincoln Property Co. is the second largest property manager and the 18th largest apartment owner in the nation, according to the National Multifamily Housing Council’s 2020 rankings. This acquisition will expand its Midwest region, where it currently has offices in Chicago and Kansas City, Missouri. The addition of Excelsior’s portfolio will more than quadruple its presence in the Minneapolis/St. Paul metro. According to the firm, nearly all of Excelsior Multifamily’s employees, including the core leadership team, will join the local Lincoln team.

“We are thrilled to welcome the Excelsior Multifamily team and its portfolio of properties to Lincoln,” said Bruce Webster, senior vice president, Midwest region, for Lincoln Property Co. “Excelsior’s management team will be joining Lincoln to ensure continuity of operations for both residents and owners. Meanwhile, Lincoln’s leading management platform will enable the combined business to provide enhanced offerings and services and lower costs to property owners.”

Chris Culp, founder and CEO of The Excelsior Group, added that it had become clear that Lincoln’s platform would be the best outcome for its people and clients as it explored options for growing its property management business.

“Our clients will continue to enjoy excellent service from people they know and trust while gaining access to the breadth and depth of the resources Lincoln’s national size and scale brings,” said Culp. “Our people will thrive in a Lincoln corporate culture that is as entrepreneurial as ours but that also affords the career growth and professional development opportunities of an international real estate firm.”