What Capstone Development Partners does

Capstone Development Partners is a Birmingham, Alabama-based student housing developer that specializes in delivering on-campus and university-affiliated housing through Public-Private Partnership (P3) structures. Founded in 1990 and operating as Capstone Development Partners since the 2012 reorganization of the original Capstone Development Corp, the firm has partnered with more than 70 public and private colleges and universities to deliver over 50,000 beds of student housing nationwide, including marquee projects such as Woodlawn Commons at the University of Chicago, The Village at the University of South Florida, Portland Commons at the University of Southern Maine, Fusion on First at Arizona State University Downtown, and Charles Commons at Johns Hopkins University.

The firm's core capability is the structuring and delivery of complex P3 transactions, including tax-exempt bond financings, private equity co-investments (notably with Harrison Street Real Estate Capital), and 501c3 non-profit ownership structures—collectively representing nearly $1 billion in structured financings since 2016. Capstone has developed specialized expertise in Passive House and LEED-certified sustainable construction, notably partnering with Steven Winter Associates on Portland Commons, the largest Passive House residence hall in the Northeast. The integrated platform spans development, construction management, the Capstone Management Partners (CMP) property management subsidiary, asset management, and Capstone Interiors furniture coordination.

Capstone generates revenue through development management fees on individual P3 projects, recurring property management contracts under CMP, asset management fees, and equity participation in completed P3 developments. Pricing is project-specific and quote-based through competitive university RFP processes, with multi-year development cycles. In November 2025, Capstone was acquired by Lincoln Property Company and now operates as 'Capstone, powered by Lincoln,' maintaining its brand and leadership while gaining access to national scale, capital, and operational resources. The firm is led by Managing Principal William Davis and has expanded into adjacent verticals including workforce housing (led by SVP Chad Izmirian) and off-campus development (led by VP Bryan Trojan from the Denver office), with an active pipeline of approximately 5,500 beds valued at more than $1 billion.

Name

Capstone Development Partners

Legal name

Capstone Development Partners, LLC

Website

https://capdevpartners.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

Capstone Development Partners is a Birmingham-based student housing developer that delivers on-campus and university-affiliated housing through Public-Private Partnership (P3) structures, having partnered with more than 70 colleges and universities to deliver over 50,000 beds nationwide. Now operating as 'Capstone, powered by Lincoln' following its November 2025 acquisition by Lincoln Property Company.

Ownership category

akta.pro rank

Product category

Higher Education Student Housing Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Residential Property Managers (531311), Lessors of Residential Buildings and Dwellings (53111), Commercial and Institutional Building Construction (236220)

SIC

Non-Operating Establishments (9995), Services-To Dwellings & Other Buildings (7340), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Facilities, Capital Planning & Campus Safety Administration (EDADAKAI)

akta.pro secondary industries

Off-Campus Student Rentals (Scattered-Site/Single-Family) Management (BPAJAJAC), Student Housing Roommate Matching, Assignments & Occupancy Management (BPAJAJAJ), Student Housing Property Management (BPAJAFAF), Off-Campus Housing Support & Landlord Relations (EDALACAJ), Student Housing Property Management & Leasing Operators (THAMAGAK)

Keywords

• Student housing development
• Public-private partnerships
• University campus development
• Purpose-built student housing
• Higher education real estate

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Development Management Fees: Capstone earns development management fees for overseeing student housing projects from concept through delivery, including planning, stakeholder engagement, design coordination, budgeting, contract negotiation, construction oversight, and project delivery.
2. Property Management Services: Capstone Management Partners (CMP), the company's property management subsidiary, provides customized student housing management services for university partners, including facility maintenance, asset management, and operational services. Revenue is generated through management contracts with universities.
3. Asset Management Services: Capstone's Asset Management Team provides ongoing strategic oversight of operations, leasing, maintenance, and capital renewal planning for student housing projects, maximizing project performance and financial returns for university partners and investors.
4. Student Housing Development Equity Returns: Through P3 structures with private equity partners like Harrison Street, Capstone participates in development equity returns and co-investment profits from completed student housing projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Capstone Development Partners develops, finances, constructs, and manages on-campus and university-affiliated student housing communities for colleges and universities through Public-Private Partnership (P3) structures. The firm delivers turnkey student housing solutions covering site selection, tax-exempt bond and private equity financing, design coordination, construction management, and — through its wholly-owned subsidiary Capstone Management Partners — ongoing property management, asset management, and interior fit-out services for university partners across the United States.

Product overview

Capstone Development Partners operates as a unified student housing development and management platform consisting of multiple integrated service lines. The core offering centers on developing student housing communities through Public-Private Partnerships (P3) with colleges and universities, supplemented by the property management subsidiary Capstone Management Partners (CMP) for ongoing operations, Asset Management for financial oversight, and Capstone Interiors for furniture coordination. The company maintains offices in Birmingham, Alabama and Denver, Colorado, and has partnered with over 70 colleges and universities delivering over 50,000 on-campus and university-affiliated beds of student housing nationwide since 1997. In November 2025, Capstone was acquired by Lincoln Property Company and now operates as 'Capstone, powered by Lincoln.'

Differentiator

Problem solved

Functional benefit

Products and services

• Student Housing Development (P3) Full-service Public-Private Partnership (P3) development of on-campus and university-affiliated student housing for colleges and universities, covering site selection, stakeholder engagement, design coordination, budgeting, contract negotiation, construction oversight, and project delivery across all project phases.
• Capstone Management Partners (CMP) Property Management Wholly-owned subsidiary providing customized student housing management services for university partners, including facility maintenance, leasing, asset management, and operational services delivered through management contracts for on-campus and university-affiliated student housing.
• Asset Management Services Ongoing strategic oversight of student housing operations, leasing and marketing support, maintenance oversight, and capital renewal planning provided to university partners and investors to maximize financial returns and stakeholder alignment.
• Capstone Interiors Interior design and furniture coordination service for student housing communities, managing furniture procurement and installation to prepare new buildings for incoming student residents.

Quantifiable outcome

• Delivered over 50,000 on-campus and university-affiliated beds of student housing nationwide
• +3 more outcomes

Named customers12 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and major.

• Lincoln Property CompanycoreStrategic or Co-development Partner · 17 November 2025Lincoln Property Company, a global full-service real estate firm and one of the largest private real estate firms in the U.S., acquired Capstone Development Partners in November 2025. The acquisition strengthens Lincoln's position in higher education infrastructure while Capstone continues to operate under its own brand as 'Capstone, powered by Lincoln.' Lincoln provides national scale, operational expertise, and capital resources to accelerate Capstone's growth and expand reach to additional universities.
• Steven Winter Associates (SWA)coreTechnology or IntegrationSteven Winter Associates is a Passive House consultant and specialist that has worked with Cornell, NYU, and University of Toronto on Passive House projects. Capstone partnered with SWA on Portland Commons at University of Southern Maine, which became the largest Passive House residence hall in the Northeast. SWA provides energy modeling, design verification, and certification support.
• Elkus Manfredi ArchitectsmajorStrategic or Co-development PartnerElkus Manfredi Architects is a design firm that has partnered with Capstone on multiple projects including Charles Commons at Johns Hopkins University (providing traditional Georgian architecture to reflect the Hopkins vernacular) and University of Virginia upper class housing project (2026).
• Studio MamajorStrategic or Co-development PartnerStudio Ma is the architect of record for Fusion on First at Arizona State University Downtown, a 530-bed mixed-use residence hall and entrepreneurial center with academic spaces including design studios, classrooms, and music recording studios.
• DPR ConstructionmajorStrategic or Co-development PartnerDPR Construction served as the general contractor for Fusion on First at Arizona State University Downtown. DPR is a national technical builder with expertise in complex, technically challenging projects.
• Hoar Construction and Hourigan (Joint Venture)majorStrategic or Co-development PartnerHoar Construction and Hourigan form a joint-venture construction team partnered with Capstone for the University of Virginia upper class housing project. Both firms have extensive higher education and commercial construction experience.
• Milender White ConstructionmajorStrategic or Co-development PartnerMilender White Construction served as design-build team member for the Village at Mines Park project at Colorado School of Mines, a $151M renovation providing 658 new beds.
• Clancy & Theys ConstructionmajorStrategic or Co-development PartnerClancy & Theys served as construction partner for Florida Polytechnic University Residence Hall Phase III project, a 430-bed, five-story dormitory with focus on sustainability, flexibility, and campus community.
• Andersen ConstructionmajorStrategic or Co-development PartnerAndersen Construction partnered with Capstone and Harrison Street on Phase 1 of the Residential Village at University of Washington Bothell, providing over 600 student beds.
• Mahlum ArchitectsmajorStrategic or Co-development PartnerMahlum Architects served as design partner with Capstone and Harrison Street for the University of Washington Bothell Residential Village project.
• SAR+majorStrategic or Co-development PartnerSAR+ partnered with Capstone and Milender White Construction on the Village at Mines Park project at Colorado School of Mines.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• The Scion Group: The Scion Group is a student housing-focused developer, owner, and operator with significant on-campus P3 and campus-adjacent experience. It competes with Capstone for university housing partnerships and shares the integrated development-management business model.
• Servitas: Servitas is a specialized P3 developer focused on student and military housing delivered through public-private partnerships. It is a direct head-to-head competitor of Capstone in on-campus P3 solicitations with comparable deal size and structure.
• Balfour Beatty Campus Solutions: Balfour Beatty Campus Solutions is one of the largest and longest-running student housing P3 developers in the U.S., delivering on-campus and university-affiliated housing through public-private partnership structures for colleges and universities — directly comparable in customer type (universities), delivery model (P3), and service scope (development + advisory) to Capstone.
• Corvias: Corvias is a long-established P3 partner for higher education institutions, developing, financing, and managing on-campus student housing through long-duration ground leases and partnerships — a direct comparator in the higher-education P3 niche with overlapping university clients and similar structured-finance expertise.
• CA Ventures (CA Student Living): CA Ventures operates a dedicated student living division that develops both purpose-built off-campus and on-campus university housing, frequently partnering with institutions in P3-style structures. It competes with Capstone in the same target market and overlapping geographies.

Broad incumbents

• American Campus Communities (Blackstone portfolio company): American Campus Communities, now owned by Blackstone, is the largest owner, developer, and manager of student housing in the U.S., serving both on-campus P3 and off-campus markets. While significantly larger and broader in scope than Capstone, it competes head-to-head for the largest on-campus P3 mandates and represents the dominant incumbent in the same customer segment.
• Greystar Real Estate Partners: Greystar is the largest multifamily and student housing operator globally following its acquisition of EdR, with growing exposure to on-campus P3 development. While scale and geographic breadth are far larger than Capstone, Greystar competes directly for institutional university housing mandates and management contracts.

Others

• Harrison Street Real Estate Capital: Harrison Street is Capstone's largest equity capital partner across multiple P3 projects (The Village at USF, Woodlawn Commons, Cornish Commons). As one of the largest education- and student-housing-focused alt-investment managers, Harrison Street is both a key partner and an adjacent capability that occasionally originates or co-develops deals — making it a closely related ecosystem player.
• Provident Resources Group: Provident Resources Group is a recurring 501(c)(3) non-profit ownership / tax-exempt financing partner for Capstone's on-campus student housing projects (Lynn University, UMass Boston). As a financing peer providing tax-exempt debt structures for university facilities, Provident sits in an adjacent enabling role within the higher-education P3 ecosystem.
• Lincoln Property Company: Lincoln Property Company is Capstone's parent company following the November 2025 acquisition. Lincoln is one of the largest private real estate firms in the U.S. with significant multifamily, commercial, and student housing operations — relevant as a strategic acquirer and broader incumbent that now controls Capstone's higher-education platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capstone Development Partners