Dallas-based Lincoln Property Company has acquired Capstone Development Partners, a leading student housing and university facilities development and management company based in Birmingham, Alabama. The acquisition is also inclusive of Capstone Management Partners, Lincoln said.

Capstone will join the Lincoln platform, strengthening Lincoln’s position in higher education infrastructure and enhancing its capabilities in the development, financing, and operation of on-campus and university-affiliated housing, as well as related real estate solutions, the Dallas-based firm said.

Terms of the deal were not disclosed.

With roots dating back to 1990, Capstone has partnered with more than 70 colleges and universities across the U.S., providing “tailored public-private partnership solutions that advance long-term institutional goals,” Lincoln said, with projects spanning from student housing to mixed-use campus developments.

“Capstone has long been a recognized leader in student housing and campus facilities development,” Alison Daubert, chief strategy officer at Lincoln Property Company, said in a statement. “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.”

Details on the acquisition

Capstone will continue to operate as Capstone Development Partners, powered by Lincoln. William Davis, Capstone’s chief development officer, will step into the role of managing principal, collaborating with Capstone’s leadership team of P3 development and operational experts.

Capstone Co-Founders Bruce McKee and Jeff Jones will continue in their leadership roles for Capstone, Lincoln said, supporting day-to-day operations, development delivery, and the pursuit of new business.

Together, the two companies aim to set “a new standard” for partnership-driven development and facilities management in higher education, combining “long-term vision, tailored solutions, and national resources to deliver meaningful results.”

“Our partnership with Lincoln provides us with the resources to accelerate growth, broaden our reach, and strengthen the reputation and unique culture that defines Capstone,” Capstone’s Davis said. “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.”

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