Lincoln Property Company Acquires Capstone Development Partners to Enhance Higher Education Services Platform and Expand Capstone’s National Reach

DALLAS--(BUSINESS WIRE)--Lincoln Property Company, a global, full-service real estate firm, today announced that it has acquired Capstone Development Partners, inclusive of Capstone Management Partners (together, “Capstone”), a leading student housing and university facilities development and management company. Through this new partnership, Capstone joins 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.

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 seasoned leadership team of P3 development and operational experts. Co-founders Bruce McKee and Jeff Jones will continue in their leadership roles for Capstone supporting day-to-day operations, development delivery, and the pursuit of new business. With Lincoln’s impressive national scale and operational expertise, Capstone is uniquely positioned to create unparalleled impact. Together, Lincoln and Capstone are setting 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.

“Capstone has long been a recognized leader in student housing and campus facilities development,” said Alison Daubert, Chief Strategy Officer at Lincoln Property Company. “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.”

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. From student housing to mixed-use campus developments, Capstone’s success is built on trust, collaboration, and a deep respect for each university client’s culture and character.

“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,” said William Davis, Managing Principal at Capstone Development Partners. “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.”

This announcement marks a significant step forward for both firms as they work to meet the evolving needs of higher education institutions nationwide. With complementary strengths, integrated services, and a shared commitment to excellence, Lincoln and Capstone are positioned to deliver best-in-class, next-generation campus communities rooted in collaboration, purpose, and long-term value.

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space. For more information, visit: www.lpc.com.

About Capstone Development Partners

Capstone Development Partners, LLC is a leading student housing developer in the on-campus and university-affiliated student housing market. The company holds offices in Birmingham, Alabama and Denver, Colorado. Its principals, Jeff Jones and Bruce McKee, together with William Davis, Capstone’s new Managing Principal, have more than 75 years combined experience as leaders in the higher education student housing sector specializing in the development and management of on-campus student housing through Public-Private Partnerships. Since 1997, the principals of Capstone have partnered with over 70 public and private colleges and universities and delivered over 50,000 on-campus and university-affiliated beds of student housing nationwide. For more information, visit capdevpartners.com.