AUSTIN, TX - American Campus Communities, Inc, one of the largest owners, managers and developers of quality student housing properties in the U.S., announced today the commencement of construction on four owned projects containing 3,249 beds with a combined total development cost of approximately $156.6 million. Consistent with the company's disciplined investment strategy, the four projects are located on or pedestrian to campus and feature differentiated products in submarkets with barriers to entry. All four projects are expected to be completed for occupancy in Fall 2012.
Source: American Campus Communities
Under the company's American Campus Equity (ACE®) program, American Campus is building 1,126 owned beds on the campus of Northern Arizona University. The $60.6 million project will consist of two unique and separate developments: a modern residence hall (550 beds) and a student townhome community (576 beds). The townhome style product introduces a private bedroom/private bathroom apartment design on campus with superior amenities to off-campus competitors. The modern suite style residence hall will feature a community center, which includes a fitness center, theater, social lounge, business center, and a plaza with 4,360 square feet of retail space.
On the University of New Mexico campus, American Campus is building a second phase of housing under its ACE program. The 1,027-bed modern residence hall, the first traditional residence hall constructed on-campus in over 45 years, features bathrooms within each unit and offers a level of privacy not available in existing on-campus residence halls. The $39.4 million project will consist of four separate buildings each containing laundry and kitchen facilities as well as study rooms and social lounges. There is also a community center that will offer additional amenities such as a business lounge, recreational area and office space.
U Club on Frey, an off-campus community located pedestrian to Kennesaw State University in Georgia, will contain 456 beds and will consist of a newly designed four-bedroom/four-and-half-bathroom three-story townhome unit constructed on top of a four-bedroom/four-bathroom flat unit. The $22.5 million project is differentiated from any currently available housing options in the market. At the heart of the community will be a 6,500-square-foot community center including a fitness center, game lounge, student lounge, wireless internet café, patio and resort-style pool.
U Club Townhomes on Marion Pugh is a 640-bed off-campus development within walking and biking distance of Texas A&M University in College Station. The $34.1 million project will feature specially designed four-bedroom/four-bathroom, two-story townhome units. The 7,560-square-foot community center will include a fitness center, game lounge, student lounge, wireless internet café, patio and resort-style pool.
"We are extremely excited to be adding these four high-quality communities to our owned portfolio," said Bill Bayless, American Campus CEO. "Each of the projects is differentiated to create a competitive advantage in their respective market and is located either on or pedestrian to campus in a submarket with barriers to entry. We've also taken advantage of a favorable construction market that has enabled us to offer students affordable price points that provides us the opportunity for meaningful rental rate growth in future years."
American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 106 student housing properties containing approximately 65,900 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 141 properties with approximately 91,300 beds.