Six Months In: Capstone Remains Grounded in our Value’s, Culture and Insistence on Quality

Partners, Colleagues and Friends:

We write today to share some important updates as we reflect on our first six months as Capstone, powered by Lincoln.

This has been one of the most active and significant periods in the 40-year history of Capstone Development Partners. Capstone’s strategic partnership with Dallas-based Lincoln Property Company (Lincoln) is the result of deliberate work across our Capstone teams and alongside our partners at Lincoln to grow and lead in our market sector for another four decades.  By combining our expertise in development, construction, and management, we are growing with intention and delivering an even higher standard of service to our partners. We are thrilled to be Capstone, powered by Lincoln — and confident in everything this partnership makes possible.

Importantly, this work and integration has been carried out without disruption to performance. Our teams have continued to deliver for our university partners and residents while simultaneously helping to build a more connected and integrated platform for future, continued leadership and success.

We are also extremely grateful to our partners at Lincoln. Our partnership has been marked by thoughtful integration, tremendous cooperation and synergies, along with significant optimism and conviction in our goals and path forward.

“What we have seen from the Capstone team over these first six months has reinforced everything we believed when we made this partnership. The strength of their team, client relationships, and leadership depth is a testament to the culture they have built — one we are more confident in than ever.” — Ali Daubert, Chief Operating Officer, Lincoln

That culture has been on full display through the leadership across our organization who have stepped forward to seize the opportunities before us. Individuals at every level of the organization have taken on expanded responsibility, driven alignment, and ensured that progress continues without pause — directly contributing to the momentum that has positioned us to win new development and management opportunities.

This evolution also brings an important leadership update to share.

As planned, Bruce McKee and Jeff Jones will be stepping back from their 14 years of leadership of CDP, passing the baton to a seasoned and well-prepared
next-generation leadership team. Bruce’s and Jeff’s vision and leadership, along with that of their mentor and Capstone founder Mike Mouron, have shaped every chapter of Capstone’s story. From the earliest days of building and managing the first generation of purpose-built off-campus student housing, to pioneering and growing the public-private partnership method of delivery for student housing and related real estate (with over 70 universities), to ultimately creating a full-service development and management platform — their work laid the foundation for what Capstone is today. What we are building with Lincoln now is a continuation and expansion of that strong foundation, designed to serve more universities, in more meaningful ways, for decades to come.

Jeff will be retiring from Capstone in the coming weeks, wrapping up his distinguished 35-year career with the company, while Bruce will continue in a ‘behind-the-scenes’ role through the end of the year, before formally stepping away from the company. Bruce and Jeff’s transition out of the company is a tremendous testament to them and their positioning our next-generation team, and company, for future success. It also evidences their confidence in the strength of our team members who have stepped up to take on greater responsibility — allowing their career transitions to occur earlier than planned.

At the same time, we are continuing to invest in the future of Capstone, powered by Lincoln.

We have expanded our leadership team with several key hires across our development and management platforms who are bringing additional depth and expertise to support the scale of the work ahead. These additions are intentional and aligned with our goals for strategic growth and sector leadership.  We are building not just for today, but for long-term performance.

Six months in, what is clear is that this next chapter is already underway.

Capstone today is more connected, more aligned, and better positioned to serve universities across the full spectrum of student housing and campus real estate than at any point in our history. Together with Lincoln, we are continuing to build a platform designed to perform at scale, while staying grounded in the values, culture, and insistence on quality that have defined us from the beginning.

We are grateful for the trust of our partners and the commitment of our teams, and we look forward to what comes next and where we will go together.