Lincoln Acquires Student Housing Company
Lincoln Property Co. acquired student housing specialist Capstone Development Partners on Monday.
The deal, which also encompasses Capstone Management Partners, enhances Lincoln's abilities to develop, finance and operate on-campus and university-affiliated housing, the company said in a press release. Capstone will operate as Capstone Development Partners, powered by Lincoln.
A spokesperson for Lincoln declined to disclose the terms of the deal.
Capstone Chief Development Officer William Davis will serve as managing principal. Capstone co-founders Bruce McKee and Jeff Jones will continue in their leadership roles at the company.
Capstone has partnered with over 70 public and private colleges and universities across the country since 1997. It has delivered more than 50,000 on-campus and university-affiliated beds of student housing nationwide.
Lincoln’s combined management and leasing portfolio on behalf of institutional clients spans 720M SF.
The merger comes on the heels of a pair of other major student housing transactions in the past few months.
Morgan Stanley Investment Management and Global Student Accommodation partnered to buy a 6,200-bed student housing porfolio across seven states for a combined $1B last week. In September, Yugo acquired Campus Advantage, with a combined market reach of almost 40,000 beds across 88 properties in 28 states.
