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CAPSTONE DEVELOPMENT PARTNERS AND UNIVERSITY OF PACIFIC BREAK GROUND ON THIRD STUDENT HOUSING PROJECT TOGETHER IN FIFTEEN YEARS.

BIRMINGHAM, Ala., Oct. 6, 2016 (GLOBE NEWSWIRE) -- Capstone Development Partners (www.capdevpartners.com) ("Capstone") and the University of the Pacific ("Pacific"), have broken ground on construction for a new on-campus residence hall for upper division residents on Pacific's campus in Stockton, CA. This is Capstone's third collaborative partnership with Pacific to develop student housing on campus.



Capstone was selected as Pacific's development partner in Spring 2015, after competing in a public procurement process. The $36 million project is scheduled to open for occupancy in early January 2018. The new student housing facility was designed by Mogavero Architects of Sacramento, CA and will be constructed by Sundt Construction.

The new 158,000 square foot development includes two new four-story buildings consisting of 142 studio, two-bedroom and four-bedroom units that will provide a 381-bed residential community at Pacific. The project will transition the approximately 4-acre project site from its existing uses into student apartments including over 15,000 square feet of indoor/outdoor amenity features including social and study areas, and other site improvements.

"Capstone is pleased to be working with Pacific again on this project that will assist the campus in executing the first phase of its multi-phase long-term plan for housing that will transform its current on-campus housing inventory to help support its goals and objectives of enhancing the student residential experience on campus," said Chad Izmirian, Capstone's Sr. Vice President and Development Manager.

About Capstone Development Partners

Capstone Development Partners, LLC is a national student-housing developer whose principals have for 26 years been a leader in the higher education student housing industry specializing in the development of on campus student housing through public private partnerships. Since the Capstone Companies' first on-campus student housing project opened in Mobile, AL in 1997, Capstone has partnered with over 60 public and private colleges and universities, delivering over 52,000 beds nationwide. Capstone has offices in both Birmingham, Alabama, and San Diego, California. For more information please visit www.capdevpartners.com.

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A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=41599

CONTACT: Nicole Ivanovich Marketing Administrator nivanovich@capstone-dev.com Tel: (205) 949-5052

Source:Capstone Development Partners