Cadillac Fairview, which manages the global real estate portfolio of the Ontario Teachers' Pension Plan, is acquiring the remaining stake it doesn't already own in Dallas-based Lincoln Property Co.'s residential division.

Toronto-based Cadillac Fairview's acquisition of Lincoln Residential comes after "a carefully planned transition" that started in 2019 when Cadillac Fairview first bought a 49% interest in the business to support its growing multifamily operations and investments in the United States, officials said in a statement.

Terms of the deal were not disclosed. Lincoln Property's founder Mack Pogue and Lincoln Residential's retiring CEO Tim Byrne are retaining a 5% interest in the business, according to the statement.

Under Pogue and Byrne's leadership, Lincoln Residential has grown to become one of the largest multifamily operators in the U.S. with more than 4,500 employees. Since 2019, a co-sponsored long-term investment program between Lincoln Residential and Cadillac Fairview has completed more than 1.5 billion U.S. dollars of acquisitions and has another US$2 billion in development, with a "significant planned expansion of this program" in the works, according to the statement.

By closing this deal, it marks "the beginning of a new era for both companies," said John Sullivan, president and CEO of Cadillac Fairview.

Byrne, who has held the role of Lincoln Residential's CEO since 1984, is retiring, with Duncan Osborne named as his successor. Osborne is joining Lincoln Residential with more than 25 years of experience in real estate investment.

Most recently, Osborne served as executive vice president of investments with Cadillac Fairview, where he led the firm's international business and spearheaded the partnership with Lincoln Residential. In talking about his new role, Osborne said he, in partnership with the new leadership team, will develop a "thoughtful, people-led strategy" to support and grow the company's property management operations and clients, while expanding its development and investment program to position the company for long-term success.

Lincoln Residential is also adding Jeff Courtwright as president of national development. Courtwright joined Lincoln Residential in 1996 and led the growth of the southwest region for the last 26 years as an executive vice president. In his new role, he will oversee national development and help scale the company's portfolio.

The firm has named Chris Stallsworth as Lincoln Residential's executive vice president for investments and asset management to build out these divisions for the firm. He has more than two decades of experience in investment and asset management. Most recently, he served as managing director of Cadillac Fairview's Dallas office responsible for investment activity throughout the United States.

With the close of this deal, Lincoln Residential is no longer affiliated with Lincoln Property Co., which also has a new management team in place after a private equity firm made a major investment in the company last month. Cadillac Fairview did not immediately respond to an interview request about how this acquisition will impact the company's headquarters in Dallas.

TD Securities was the financial adviser for Cadillac Fairview. Fried Frank was the legal adviser for Cadillac Fairview. Goodwin Proctor was the legal adviser on behalf of Lincoln Residential.