American Campus Announces Acquisitions Totaling $627M
- Jul 11, 2012
By Camelia Bulea, Associate Editor
Austin-based American Campus Communities Inc. announced the completion of its due diligence investigation related to the acquisition of 15 student housing properties for $627 million. The properties were acquired under a merger agreement with affiliates of Illinois-based Campus Acquisitions LLC, as reported by the Austin Business Journal.
An owner and manager of high-quality student housing properties across the U.S., American Campus declared in a news release that the recent acquisition includes two properties and an additional phase at an existing property currently under development. The transaction is expected to be completed in the third quarter of 2012.
“We are very pleased to be adding 15 properties to the ACC portfolio that meet our investment criteria of differentiated communities close to campus in submarkets with barriers to entry,” said Bill Bayless, CEO of American Campus. “This acquisition should provide us a significant opportunity for meaningful accretion in asset value, operational upside, efficiencies with 11 of the assets located in our existing markets—plus new business prospects with the entry into four new tier-one collegiate markets.”
The four tier-one markets that will be new to American Campus are Baylor University, University of Southern California, Iowa State University and Purdue University. American Campus Communities owns 124 student housing properties containing approximately 76,100 beds.
In other important real estate news, Capital Idea is moving its headquarters to the newly completed Sooch Foundation Family Resources Center in East Austin, according to the Austin Business Journal. The company has occupied a downtown office for the last thirteen years but is now ready to join other nonprofits in the new 31,000-square-foot center developed by LifeWorks.
Photo of Campus Edge on UTA Boulevard, Austin, courtesy of American Campus Communities
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