Lincoln Property Co. has purchased Charlotte-based developer The Spectrum Cos. in a deal that Lincoln says will help it grow its footprint across the Carolinas.

Dallas-based Lincoln will combine its Carolinas platform with Spectrum and will also include Spectrum’s northern and central Florida multifamily business, Lincoln said in a Tuesday press release. The companies say the move will help boost the combined firm’s development and acquisition pipeline.

The companies’ portfolios will merge well because of Spectrum’s strong focus on multifamily development, executives from both firms told the Charlotte Business Journal, which first reported the news. Spectrum has developed almost 7,000 multifamily units since its founding, according to the release.

The sum of the sale was not disclosed.

“Lincoln has been focused on growing and investing in the Carolinas for many years, and Spectrum presented a unique opportunity to accelerate that strategy,” Johno Harris, senior executive vice president at Lincoln, told Bisnow.

He added that Spectrum’s “exceptional team” complements Lincoln’s existing platform well.

“As we looked at the next phase of growth in the region, it became clear that bringing our organizations together would create a stronger business, expand our capabilities and position us to better serve clients and pursue new opportunities across the Carolinas,” he said.

A spokesperson for Spectrum didn’t comment in time for publication.

Spectrum’s 43 employees will move from a 5K SF office into Lincoln’s two-floor, 200K SF headquarters at Piedmont Town Center in SouthPark, which already employs 260 people, CBJ reported. No job cuts are expected.

Executives told CBJ that Spectrum’s name will soon change to Lincoln.

Lincoln’s global portfolio spans 720M SF, according to the company’s website. It manages 27M SF in the Carolinas. The developer’s Charlotte-based work includes the 3M SF Legacy Union office tower complex.

Spectrum’s 4.4M SF portfolio will now become “a significant expansion of Lincoln’s regional footprint,” according to the press release. The company’s local assets previously included Vantage South End, a 635K SF mixed-use development that it sold to Cousins Properties in 2024.

Charlotte ranks among “the most attractive markets for investors” in the country, according to CBRE’s 2026 North America Investor Intentions Survey. Charlotte’s multifamily market is “maintaining stronger demand fundamentals than most peer markets,” a first-quarter Matthews report said, with a 6.2 percent vacancy rate a signal that demand has absorbed new supply.

Portman acquired the Westin Peachtree Plaza, a 1,073-key full-service hotel in downtown Atlanta, from Marriott International. The hotel will remain in Marriott’s portfolio under a long-term management agreement. Portman purchased the property through its Portman Hospitality Fund I. John Portman, the founder of Portman Holdings, designed and developed the tower in the 1970s.

When it opened in 1976, the 73-story cylindrical tower was the tallest hotel in the world. One of Atlanta’s most recognizable landmarks, the mirror-glass building rises 723 feet above downtown and is located near the Georgia World Congress Center, State Farm Arena, Mercedes-Benz Stadium and the Centennial Yards development.

Portman will launch a comprehensive renovation that will reposition the Westin Peachtree Plaza’s guestrooms, public spaces and meeting facilities prior to Super Bowl LXII in 2028.

Before the sale, the Westin Peachtree Plaza was the only Westin hotel that Marriott International owned outright. It mostly manages or franchises hundreds of other Westins across the country.

Cushman & Wakefield has brokered the sale of a multifamily portfolio consisting of two properties totaling 49 apartment units in Everett, Washington.

The buyer was represented by Cushman & Wakefield’s Byron Rosen, Tim McKay, Jacob Odegard, Dan Chhan, Matt Kemper, and Dylan Roeter. The northern Seattle portfolio consists of the Magenta Apartments and Fairway Apartments, located on the grounds of the Everett Golf & Country Club.

Bellevue-based DSB Investments, which specializes in the acquisition, rehabilitation, and management of apartment communities in and around the greater Seattle area, purchased the two-asset portfolio from Williams Investments II LLC for $7 million.

“Each property fits right into DSB’s wheelhouse of acquiring and then being able to increase value through strategic renovation,” said Rosen. “Snohomish County stands as a preferred area for multifamily investors due to strong fundamentals.”

Oracle acquired a River North property from GBT Realty Corp. for $60 million. In June 2021, Oracle paid $253.7 million for more than 65 acres of East Bank land for its future campus on the Cumberland River.

Construction of its planned $1.35 billion riverfront office campus has yet to begin, and no start date has been given. Oracle plans to have 8,500 workers in Nashville by the end of 2031.

The Nashville Business Journal reports Oracle’s tech campus is the single-largest economic development deal in city and state history. Oracle Chairman Larry Ellison tagged the campus as the company’s future world headquarters and revealed that he’s hired architect Norman Foster to design it on 70 acres on the East Bank.

Since 1987, GBT has been involved with the development, construction, leasing, management and acquisition of over 40 million square feet of commercial development, including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments, representing over $8 billion in real estate. 

Third & Urban acquired Northridge Commons, a seven-building, 470,000-square-foot flex industrial campus in Sandy Springs. The Dilweg Companies was the seller. While the most recent sales price was not disclosed, the campus last sold for $51.5 million in 2019. 

Tenants at the project include Pontoon Brewing Co., an Inspire Brands innovation center, and Invitation Homes, a subsidiary of Blackstone. The 38-acre campus is on Dunwoody Place, located off Roswell Road south of the Chattahoochee River.

Northridge Commons is currently 83% leased. Third & Urban said it will reposition some of the office spaces to attract more flex industrial users. 

Third & Urban is known for its creative urban infill projects, such as Common Ground, Westside Paper and Armour Yards. It has also proposed overhauling a sprawling, aging office park on the doorstep of the new Children’s Healthcare of Atlanta campus. The firm’s pipeline encompasses 3.2 million square feet valued at $1.4 billion.

A League City church has acquired a 99,000 square foot shopping center. Citymark Church has occupied space on the western edge of the main retail building of League City Town Plaza since 2012. It recently took over 16,500 square feet of space and now takes up 36,740 square feet. A renovation is in progress, and the church has tapped Houston-based companies Cre8 Architects and DivisionOne Construction for the build-out.

The Houston Business Journal reports Citymark paid Prime Real Estate U.S. Properties of Canada “north of $7 million” for the property. James Brockway of Brockway Commercial acted on behalf of the church.

The entire property at FM 518/Main Street and state Highway 3 is about 13.6 acres and includes just under 3.6 acres of vacant land to the west of the retail center. The center is 92% occupied.

The church hopes to expand as more space may become available. The congregation has grown from about 800 to now more than 2,000 people in just the past few years.

The Wideman Company acquired Citigroup’s Jacksonville campus for $24 million. The campus consists of four interconnected buildings at 14000 Citicards Way. Citigroup will continue occupying 230,000 square feet of the office space, and the other 260,000 square feet are being offered to new tenants.

The property last sold in 2003 for $14.44 million. It recently underwent $12.9 million in renovations.

BayBridge Real Estate Capital arranged the financing from an independent, employee-owned financial services firm in Chicago, for the property purchase from Citigroup.

Three of the four buildings in the Butler/Baymeadows submarket total 491,386 square feet for offices, and the fourth is a dedicated amenity center with a made-to-order food hall, outdoor dining and a large conference facility. The campus also includes a separate, 40,000-square-foot building and 2,652 parking spaces.

Chuck Diebel at Colliers International is handling the leasing for the property.

Alliance Industrial Company purchased 66.75 acres of land near the Northeast Georgia Inland Port in Gainesville, Georgia. The company will develop two speculative industrial buildings totaling 540,408 square feet. Building 100 will be 113,536 square feet and Building 200 will be 426,872 square feet. The park will be named Alliance 985 Business Park.

Avison Young’s Chris Hoag, Jason Holland, and Andrew Joyner arranged the transaction on behalf of Alliance and have been tapped to handle leasing. Stephen Lovett and Zach Tibbs of Norton Commercial represented one of the four parcels of land.

Alliance will break ground on the project in Q1 2025 and is slated to deliver in early 2026. With immediate access to I-985 and within 15 miles of I-85, the park offers excellent connectivity to local, regional, and national distribution channels. Tenants will benefit from proximity to key logistics hubs such as UPS and FedEx.

Flacks Group acquired the 180-room Crowne Plaza North Augusta, an IHG Hotel. It’s located on the banks of the Savannah River, a short distance from the iconic Augusta National Golf Club, home of The Masters Tournament.

Built in 2019, the Crowne Plaza North Augusta caters to both business and leisure travelers, especially during key events such as the Masters Tournament and the Augusta National Women’s Amateur (ANWA). The hotel features meeting spaces and dining options, including the steakhouse Salt + Marrow and the rooftop bar Jackson’s Bluff.

Adjacent to the Augusta GreenJackets’ minor league baseball park and situated within the expanding Riverside Village community, the hotel provides easy access to high-end retail, luxury housing, cultural attractions, and diverse cuisine. Its unique location allows guests to experience the best of Augusta.

Flacks Group was represented by Hodges Ward Elliott and advised by Blue Lotus Ventures in this acquisition. J.P. Morgan provided financing.

Brookfield Properties joined a wave of investors banking on an impending resurgence in apartment demand with an $845M purchase of multifamily properties in Nevada, North Carolina, Arizona and Ohio.

Brookfield Properties bought eight multifamily properties from Blackstone REIT, including Monaco Park in Las Vegas.

The company picked up the eight-property portfolio from Blackstone REIT earlier this month, CoStar News reported. Four of the properties are in Las Vegas, while the remaining four are in Phoenix; Columbus, Ohio; and Charlotte and Chapel Hill, North Carolina. 

As a subsidiary of Brookfield Asset Management, Brookfield Properties has holdings in the hospitality, industrial, office and retail sectors in addition to multifamily. Its newly acquired properties are:

• The 1,064-unit The Gardens in Columbus, Ohio.
• The 604-unit San Valiente in Phoenix.
• The 480-unit Xander 3900 in Las Vegas
• The 480-unit The Met in Las Vegas.
• The 452-unit Ashford Place in Charlotte, North Carolina.
• The 411-unit Crosstown at Chapel Hill in Chapel Hill, North Carolina.
• The 368-unit Vintage Pointe in Las Vegas.
• The 284-unit Monaco Park in Las Vegas.

Simpson Thacher & Bartlett and Maynard Nexsen served as legal counsel for the sales.

“This transaction represents a terrific outcome for our investors and demonstrates the strong institutional demand for well-located, quality assets,” Blackstone said in an emailed statement. “Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets.”

The acquisitions come as multifamily executives bet big that an oversupply issue that hit apartment rents is on its way to resolution amid a national falloff in construction starts. ECI Group announced plans to grow its multifamily presence in Texas and the southeast U.S. following an influx of capital and the formation of a new debt platform. 

“Timing is everything in the real estate business, and we feel like, particularly on the acquisition side, it’s been one of the better fundamental times to buy in a while,” ECI Group Chief Acquisitions Officer Scott Levitt told Bisnow earlier this month.

AvalonBay Communities, Mid-America Apartment Communities and Thompson Thrift are also expected to grow their portfolios this year following calls for capital and other commitments of more than $1.7B.

“We … remain convinced that the spring leasing season will usher in the start of a recovery cycle with more favorable leasing conditions as demand and absorption trends across our markets remain strong and the volume of new supply deliveries steadily declines,” Mid-America Apartment Communities CEO Eric Bolton said on the company’s Q3 earnings call last month.

Like Mid-America Apartment Communities, UDR and Equity Residential invested in development pipelines and significant outlays for acquisitions in Q3. Equity spent nearly $1.3B on 14 acquisitions, according to its Q3 earnings call last month.

FRIDAY, NOV. 22, 3:55 P.M. CT:  This story has been updated to include an emailed statement from Blackstone.