Lincoln Property Company has partnered with Waterfall Asset Management to acquire a diversified portfolio across the New York tri-state region for approximately $450 million. The 4-million-square-foot portfolio spans around 300 acres and includes industrial, multifamily, medical, retail and development sites.

Waterfall, which manages about $12.1 billion in assets, views this as its largest real estate acquisition to date. The firm is assuming a lead-sponsor role in the joint venture.

The portfolio includes the 97-unit Trilogy Lofts in Yonkers. It also includes the 262-unit Edgewater Harbor mixed-use property in New Jersey.

A medical and retail asset at 761 Main Avenue in Norwalk is part of the acquisition. The properties underscore a broad allocation into income-producing real estate by a private capital sponsor.

Waterfall is an asset manager rather than a traditional family office. Its capital base includes high-net-worth investors.

The structure resembles private capital deployment into a multi-asset platform. The tri-state footprint gives the joint venture exposure to industrial and residential demand in the New York metro area.

The transaction marks one of the larger portfolio acquisitions in the region this year. Lincoln Property Company brings operational expertise across multiple asset classes to the partnership.