Lincoln Buys Student Housing Developer
The newly acquired firm will continue to operate under the same name.
Lincoln Property Co. has acquired Capstone Development Partners and its Capstone Management Partners subsidiary, a student housing and university facilities development and management firm. The company will continue to operate under the same brand but with the addition of “powered by Lincoln” to the name.
Capstone Chief Development Officer William Davis will become managing principal and work with the firm’s P3 development and operational teams. Co-founders Bruce McKee and Jeff Jones will continue in their leadership roles, supporting day-to-day operations, development deliveries and student property investment. The deal with Lincoln will provide Capstone with resources to accelerate growth and expand its reach, Davis said in prepared remarks.
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Founded in 1965, Lincoln Property Co.’s diverse portfolio comprises office, multifamily, retail, industrial and student housing asset types, among others, across the U.S., United Kingdom and Europe. The firm’s combined management and leasing collection includes more than 720 million square feet of commercial space.
Capstone Development’s recent activity
Focusing on the on-campus and university-affiliated student housing market since 1997, Capstone Development has worked with more than 70 colleges and universities across the U.S., delivering public-private partnership solutions that support long-term institutional goals. The firm’s portfolio comprises more than 50,000 beds.
One of the firm’s holdings is Nexus on Holmes, a 580-bed student housing community in Huntsville, Ala. The four-story property, developed by Capstone in partnership with Boaz Ventures, came online earlier this year.
And earlier this month, Capstone Development and Lincoln began negotiations with The University of Alabama in Huntsville for the development of Exploration Plaza, a 58-acre mixed-use project. Its first phase will include a 400-bed community, research and office facilities, as well as retail space. Project costs are estimated at nearly $248 million.
