DALLAS — Lincoln Property Co., a Dallas-based global real estate services firm, has acquired Capstone Development Partners, a student housing developer with offices in Birmingham, Ala., and Denver.
Lincoln’s acquisition includes Capstone’s management affiliate, Capstone Management Partners. Financial terms of the acquisition were not disclosed.
Capstone will continue to operate as Capstone Development Partners, powered by Lincoln. The developer came in at No. 15 in the Top Developers ranking by Student Housing Business. Capstone disclosed in the first quarter that it had seven projects planned through 2028 totaling 5,900 beds.
The acquisition expands Lincoln’s higher education infrastructure and enhances its development, financing and operation of on-campus and university-affiliated housing.
“Capstone has long been a recognized leader in student housing and campus facilities development,” says Alison Daubert, chief strategy officer at Lincoln. “Their specialized expertise complements Lincoln’s national platform with robust resources, allowing us to better support higher education institutions with even greater experience and expertise.”
Capstone says that the move gives the company access to Lincoln’s national resources and operational expertise.
“With Lincoln’s support and comprehensive real estate capabilities, we are more capable than ever to assist universities in creating innovative, customized development and operational solutions that align seamlessly with their long-term goals,” says William Davis, chief development officer at Capstone, who will become the company’s new managing principal.
Capstone co-founders Bruce McKee and Jeff Jones will also continue their executive roles with the company.
Capstone develops on-campus student housing, university facilities and mixed-use projects in public-private partnerships with universities and colleges, with more than 70 such partnerships executed since 1997. Capstone has delivered more than 50,000 on-campus student housing and university-affiliated beds over the past 28 years.
— John Nelson