Capstone Development Partners was selected by Lynn University through a competitive bid process to develop and operate a new student housing project serving the University and its students. Lynn University is a private university located in Boca Raton, Florida and has an enrollment of approximately 3,200 students. The University had a need for upper division housing to support its enrollment growth and provide affordable housing options for its students who struggled to find housing options in a very expensive and limited off-campus student housing market. Capstone and Lynn’s P3 will provide a new student housing project with 342-beds of upper division housing on Lynn’s campus. The unit mix is comprised of apartment-style units inclusive of living areas and kitchens. The unit mix includes predominately 4-bedroom, 2-bathroom apartments, and also 2 bedroom and studio apartments. The project will also provide ample indoor and outdoor amenity space for its residents to include: community kitchen, TV lounge, flexible work space, multi-purpose room, and quiet study lounges.
The project is financed with non-recourse, tax-exempt bonds and will be owned by a 501c3 non-profit owner. Construction commenced in May of 2021 and the project will be completed in July of 2022.