Lincoln Property Co. and partner Cadillac Fairview began their multifamily fund purchases with the acquisition of Alexan Earl, a 12-story apartment community in the heart of Arlington, Va.

The Alexan Earl, soon to be renamed The Earl, is the first existing asset acquisition from the $800 million and growing US multifamily fund, co-sponsored by the two companies. The purchase of The Earl jumpstarts their core acquisition initiative. In addition, several assets are expected to close in 2021 across top US markets.

"The purchase of The Earl is the beginning of our long-term acquisition strategy for the fund, adding existing high-quality multifamily assets to our portfolio across major markets," said Chase Erickson, Lincoln's Vice President of Investments, in a prepared statement. "Our acquisition plan works in tandem with our construction goals for the fund—with several apartment communities under construction in metros from Dallas to Fort Lauderdale to Boston."