diff --git a/asyncstdlib/functools.py b/asyncstdlib/functools.py
index d26b21a..3362ae8 100644
--- a/asyncstdlib/functools.py
+++ b/asyncstdlib/functools.py
@@ -1,3 +1,4 @@
+from asyncio import iscoroutinefunction
 from typing import (
     Callable,
     Awaitable,
@@ -7,13 +8,15 @@
     Generator,
     Optional,
     Coroutine,
-    overload,
+    AsyncContextManager,
+    Type,
+    cast,
 )
 
-from ._typing import T, AC, AnyIterable
+from ._typing import T, AC, AnyIterable, R
 from ._core import ScopedIter, awaitify as _awaitify, Sentinel
 from .builtins import anext
-from ._utility import public_module
+from .contextlib import nullcontext
 
 from ._lrucache import (
     lru_cache,
@@ -32,6 +35,7 @@
     "LRUAsyncBoundCallable",
     "reduce",
     "cached_property",
+    "CachedProperty",
 ]
 
 
@@ -45,16 +49,16 @@ def cache(user_function: AC) -> LRUAsyncCallable[AC]:
     return lru_cache(maxsize=None)(user_function)
 
 
-class AwaitableValue(Generic[T]):
+class AwaitableValue(Generic[R]):
     """Helper to provide an arbitrary value in ``await``"""
 
     __slots__ = ("value",)
 
-    def __init__(self, value: T):
+    def __init__(self, value: R):
         self.value = value
 
     # noinspection PyUnreachableCode
-    def __await__(self) -> Generator[None, None, T]:
+    def __await__(self) -> Generator[None, None, R]:
         return self.value
         yield  # type: ignore # pragma: no cover
 
@@ -62,27 +66,136 @@ def __repr__(self) -> str:
         return f"{self.__class__.__name__}({self.value!r})"
 
 
-class _RepeatableCoroutine(Generic[T]):
-    """Helper to ``await`` a coroutine also more or less than just once"""
+class _FutureCachedValue(Generic[R, T]):
+    """A placeholder object to control concurrent access to a cached awaitable value.
 
-    __slots__ = ("call", "args", "kwargs")
+    When given a lock to coordinate access, only the first task to await on a
+    cached property triggers the underlying coroutine. Once a value has been
+    produced, all tasks are unblocked and given the same, single value.
+
+    """
+
+    __slots__ = ("_get_attribute", "_instance", "_name", "_lock")
 
     def __init__(
-        self, __call: Callable[..., Coroutine[Any, Any, T]], *args: Any, **kwargs: Any
+        self,
+        get_attribute: Callable[[T], Coroutine[Any, Any, R]],
+        instance: T,
+        name: str,
+        lock: AsyncContextManager[Any],
     ):
-        self.call = __call
-        self.args = args
-        self.kwargs = kwargs
+        self._get_attribute = get_attribute
+        self._instance = instance
+        self._name = name
+        self._lock = lock
+
+    def __await__(self) -> Generator[None, None, R]:
+        return self._await_impl().__await__()
+
+    @property
+    def _instance_value(self) -> Awaitable[R]:
+        """Retrieve whatever is currently cached on the instance
+
+        If the instance (no longer) has this attribute, it was deleted and the
+        process is restarted by delegating to the descriptor.
 
-    def __await__(self) -> Generator[Any, Any, T]:
-        return self.call(*self.args, **self.kwargs).__await__()
+        """
+        try:
+            return self._instance.__dict__[self._name]
+        except KeyError:
+            # something deleted the cached value or future cached value placeholder. Restart
+            # the fetch by delegating to the cached_property descriptor.
+            return getattr(self._instance, self._name)
+
+    async def _await_impl(self) -> R:
+        if (stored := self._instance_value) is self:
+            # attempt to get the lock
+            async with self._lock:
+                # check again for a cached value
+                if (stored := self._instance_value) is self:
+                    # the instance attribute is still this placeholder, and we
+                    # hold the lock. Start the getter to store the value on the
+                    # instance and return the value.
+                    return await self._get_attribute(self._instance)
+
+        # another task produced a value, or the instance.__dict__ object was
+        # deleted in the interim.
+        return await stored
 
     def __repr__(self) -> str:
-        return f"<{self.__class__.__name__} object {self.call.__name__} at {id(self)}>"
+        return (
+            f"<{type(self).__name__} for '{type(self._instance).__name__}."
+            f"{self._name}' at {id(self):#x}>"
+        )
+
 
+class CachedProperty(Generic[T, R]):
+    def __init__(
+        self,
+        getter: Callable[[T], Awaitable[R]],
+        asynccontextmanager_type: Type[AsyncContextManager[Any]] = nullcontext,
+    ):
+        self.func = getter
+        self.attrname = None
+        self.__doc__ = getter.__doc__
+        self._asynccontextmanager_type = asynccontextmanager_type
+
+    def __set_name__(self, owner: Any, name: str) -> None:
+        if self.attrname is None:
+            self.attrname = name
+        elif name != self.attrname:
+            raise TypeError(
+                "Cannot assign the same cached_property to two different names "
+                f"({self.attrname!r} and {name!r})."
+            )
+
+    def __get__(
+        self, instance: Optional[T], owner: Optional[Type[Any]]
+    ) -> Union["CachedProperty[T, R]", Awaitable[R]]:
+        if instance is None:
+            return self
+
+        name = self.attrname
+        if name is None:
+            raise TypeError(
+                "Cannot use cached_property instance without calling __set_name__ on it."
+            )
+
+        # check for write access first; not all objects have __dict__ (e.g. class defines slots)
+        try:
+            cache = instance.__dict__
+        except AttributeError:
+            msg = (
+                f"No '__dict__' attribute on {type(instance).__name__!r} "
+                f"instance to cache {name!r} property."
+            )
+            raise TypeError(msg) from None
+
+        # store a placeholder for other tasks to access the future cached value
+        # on this instance. It takes care of coordinating between different
+        # tasks awaiting on the placeholder until the cached value has been
+        # produced.
+        wrapper = _FutureCachedValue(
+            self._get_attribute, instance, name, self._asynccontextmanager_type()
+        )
+        cache[name] = wrapper
+        return wrapper
+
+    async def _get_attribute(self, instance: T) -> R:
+        value = await self.func(instance)
+        name = self.attrname
+        assert name is not None  # enforced in __get__
+        instance.__dict__[name] = AwaitableValue(value)
+        return value
 
-@public_module(__name__, "cached_property")
-class CachedProperty(Generic[T]):
+
+def cached_property(
+    type_or_getter: Union[Type[AsyncContextManager[Any]], Callable[[T], Awaitable[R]]],
+    /,
+) -> Union[
+    Callable[[Callable[[T], Awaitable[R]]], CachedProperty[T, R]],
+    CachedProperty[T, R],
+]:
     """
     Transform a method into an attribute whose value is cached
 
@@ -108,7 +221,7 @@ def __init__(self, url):
             async def data(self):
                 return await asynclib.get(self.url)
 
-        resource = Resource(1, 3)
+        resource = Resource("http://example.com")
         print(await resource.data)  # needs some time...
         print(await resource.data)  # finishes instantly
         del resource.data
@@ -117,51 +230,53 @@ async def data(self):
     Unlike a :py:class:`property`, this type does not support
     :py:meth:`~property.setter` or :py:meth:`~property.deleter`.
 
+    If the attribute is accessed by multiple tasks before a cached value has
+    been produced, the getter can be run more than once. The final cached value
+    is determined by the last getter coroutine to return. To enforce that the
+    getter is executed at most once, provide a ``lock`` type - e.g. the
+    :py:class:`asyncio.Lock` class in an :py:mod:`asyncio` application - and
+    access is automatically synchronised.
+
+    .. code-block:: python3
+
+        from asyncio import Lock, gather
+
+        class Resource:
+            def __init__(self, url):
+                self.url = url
+
+            @a.cached_property(Lock)
+            async def data(self):
+                return await asynclib.get(self.url)
+
+        resource = Resource("http://example.com")
+        print(*(await gather(resource.data, resource.data)))
+
     .. note::
 
         Instances on which a value is to be cached must have a
         ``__dict__`` attribute that is a mutable mapping.
     """
+    if isinstance(type_or_getter, type) and issubclass(
+        type_or_getter, AsyncContextManager
+    ):
 
-    def __init__(self, getter: Callable[[Any], Awaitable[T]]):
-        self.__wrapped__ = getter
-        self._name = getter.__name__
-        self.__doc__ = getter.__doc__
-
-    def __set_name__(self, owner: Any, name: str) -> None:
-        # Check whether we can store anything on the instance
-        # Note that this is a failsafe, and might fail ugly.
-        # People who are clever enough to avoid this heuristic
-        # should also be clever enough to know the why and what.
-        if not any("__dict__" in dir(cls) for cls in owner.__mro__):
-            raise TypeError(
-                "'cached_property' requires '__dict__' "
-                f"on {owner.__name__!r} to store {name}"
+        def decorator(
+            coroutine: Callable[[T], Awaitable[R]],
+        ) -> CachedProperty[T, R]:
+            return CachedProperty(
+                coroutine,
+                asynccontextmanager_type=cast(
+                    Type[AsyncContextManager[Any]], type_or_getter
+                ),
             )
-        self._name = name
-
-    @overload
-    def __get__(self, instance: None, owner: type) -> "CachedProperty[T]": ...
 
-    @overload
-    def __get__(self, instance: object, owner: Optional[type]) -> Awaitable[T]: ...
-
-    def __get__(
-        self, instance: Optional[object], owner: Optional[type]
-    ) -> Union["CachedProperty[T]", Awaitable[T]]:
-        if instance is None:
-            return self
-        # __get__ may be called multiple times before it is first awaited to completion
-        # provide a placeholder that acts just like the final value does
-        return _RepeatableCoroutine(self._get_attribute, instance)
-
-    async def _get_attribute(self, instance: object) -> T:
-        value = await self.__wrapped__(instance)
-        instance.__dict__[self._name] = AwaitableValue(value)
-        return value
+        return decorator
 
+    if not iscoroutinefunction(type_or_getter):
+        raise ValueError("cached_property can only be used with a coroutine function")
 
-cached_property = CachedProperty
+    return CachedProperty(type_or_getter)
 
 
 __REDUCE_SENTINEL = Sentinel("<no default>")
diff --git a/asyncstdlib/functools.pyi b/asyncstdlib/functools.pyi
index 72fe8ab..aff4538 100644
--- a/asyncstdlib/functools.pyi
+++ b/asyncstdlib/functools.pyi
@@ -1,6 +1,6 @@
-from typing import Any, Awaitable, Callable, Generic, overload
+from typing import Any, AsyncContextManager, Awaitable, Callable, Generic, overload
 
-from ._typing import T, T1, T2, AC, AnyIterable
+from ._typing import T, T1, T2, AC, AnyIterable, R
 
 from ._lrucache import (
     LRUAsyncCallable as LRUAsyncCallable,
@@ -10,14 +10,28 @@ from ._lrucache import (
 
 def cache(user_function: AC) -> LRUAsyncCallable[AC]: ...
 
-class cached_property(Generic[T]):
-    def __init__(self, getter: Callable[[Any], Awaitable[T]]) -> None: ...
+class CachedProperty(Generic[T, R]):
+    def __init__(
+        self,
+        getter: Callable[[T], Awaitable[R]],
+        lock_type: type[AsyncContextManager[Any]] = ...,
+    ) -> None: ...
     def __set_name__(self, owner: Any, name: str) -> None: ...
     @overload
-    def __get__(self, instance: None, owner: type) -> "cached_property[T]": ...
+    def __get__(self, instance: None, owner: type[Any]) -> "CachedProperty[T, R]": ...
     @overload
-    def __get__(self, instance: object, owner: type | None) -> Awaitable[T]: ...
+    def __get__(self, instance: T, owner: type | None) -> Awaitable[R]: ...
+    # __set__ is not defined at runtime, but you are allowed to replace the cached value
+    def __set__(self, instance: T, value: R) -> None: ...  # type: ignore[misc]  # pyright: ignore[reportGeneralTypeIssues]
+    # __del__ is not defined at runtime, but you are allowed to delete the cached value
+    def __del__(self, instance: T) -> None: ...
 
+@overload
+def cached_property(getter: Callable[[T], Awaitable[R]], /) -> CachedProperty[T, R]: ...
+@overload
+def cached_property(
+    asynccontextmanager_type: type[AsyncContextManager[Any]], /
+) -> Callable[[Callable[[T], Awaitable[R]]], CachedProperty[T, R]]: ...
 @overload
 async def reduce(
     function: Callable[[T1, T2], T1], iterable: AnyIterable[T2], initial: T1
diff --git a/docs/source/api/functools.rst b/docs/source/api/functools.rst
index f1d52a7..68aab0b 100644
--- a/docs/source/api/functools.rst
+++ b/docs/source/api/functools.rst
@@ -35,10 +35,18 @@ Attribute Caches
 
 This type of cache tracks ``await``\ ing an attribute.
 
-.. autofunction:: cached_property(getter: (Self) → await T)
+.. py:function:: cached_property(getter: (Self) → await T, /)
     :decorator:
 
+.. autofunction:: cached_property(asynccontextmanager_type: Type[AsyncContextManager], /)((Self) → await T)
+    :decorator:
+    :noindex:
+
     .. versionadded:: 1.1.0
+    .. versionadded:: 3.13.0
+
+        The ``asynccontextmanager_type`` decorator parameter.
+
 
 Callable Caches
 ---------------
diff --git a/unittests/test_functools.py b/unittests/test_functools.py
index 08f4dff..f0efa65 100644
--- a/unittests/test_functools.py
+++ b/unittests/test_functools.py
@@ -3,8 +3,9 @@
 import pytest
 
 import asyncstdlib as a
+from asyncstdlib.functools import CachedProperty
 
-from .utility import sync, asyncify, multi_sync, Switch, Schedule
+from .utility import Lock, Schedule, Switch, asyncify, multi_sync, sync
 
 
 @sync
@@ -24,24 +25,23 @@ async def total(self):
     assert (await pair.total) == 3
     del pair.total
     assert (await pair.total) == 4
-    assert type(Pair.total) is a.cached_property
+    assert type(Pair.total) is CachedProperty
 
 
 @sync
 async def test_cache_property_nodict():
-    # note: The exact error is version- and possibly implementation-dependent.
-    #       Some Python version wrap all errors from __set_name__.
-    with pytest.raises(Exception):  # noqa: B017
+    class Foo:
+        __slots__ = ()
 
-        class Pair:
-            __slots__ = "a", "b"
+        def __init__(self):
+            pass  # pragma: no cover
 
-            def __init__(self, a, b):
-                pass  # pragma: no cover
+        @a.cached_property
+        async def bar(self):
+            pass  # pragma: no cover
 
-            @a.cached_property
-            async def total(self):
-                pass  # pragma: no cover
+    with pytest.raises(TypeError):
+        Foo().bar
 
 
 @multi_sync
@@ -66,6 +66,54 @@ async def check_increment(to):
     assert (await val.cached) == 1337  # last value fetched
 
 
+@multi_sync
+async def test_cache_property_lock_order():
+    class Value:
+        def __init__(self, value):
+            self.value = value
+
+        @a.cached_property(Lock)
+        async def cached(self):
+            value = self.value
+            await Switch()
+            return value
+
+    async def check_cached(to, expected):
+        val.value = to
+        assert (await val.cached) == expected
+
+    val = Value(0)
+    await Schedule(check_cached(5, 5), check_cached(12, 5), check_cached(1337, 5))
+    assert (await val.cached) == 5  # first value fetched
+
+
+@multi_sync
+async def test_cache_property_lock_deletion():
+    class Value:
+        def __init__(self, value):
+            self.value = value
+
+        @a.cached_property(Lock)
+        async def cached(self):
+            value = self.value
+            await Switch()
+            return value
+
+    async def check_cached(to, expected):
+        val.value = to
+        assert (await val.cached) == expected
+
+    async def delete_attribute(to):
+        val.value = to
+        awaitable = val.cached
+        del val.cached
+        assert (await awaitable) == to
+
+    val = Value(0)
+    await Schedule(check_cached(5, 5), delete_attribute(12), check_cached(1337, 12))
+    assert (await val.cached) == 12  # first value fetch after deletion
+
+
 @sync
 async def test_reduce():
     async def reduction(x, y):