AUSTIN, TX - American Campus Communities, Inc. (NYSE:ACC), one of the largest owners, managers and developers of quality student housing properties in the U.S., announced today the commencement of construction on a $34.8 million off-campus student housing complex next to Texas Tech University and a $44.8 million off-campus project adjacent to the University at Buffalo (SUNY Buffalo).
“We are excited to add these developments to our portfolio as they adhere to our investment criteria of differentiated products located on or adjacent to campus in thriving university sub-markets with barriers to entry,” said Bill Bayless, American Campus CEO. “With 13 projects currently under construction and two additional scheduled to commence this quarter, our 2011 and 2012 combined deliveries represent nearly $500 million in development. We look forward to opening these high quality communities in their respective markets across the nation and providing exceptional accommodations and amenities in academically oriented environments.”
The Village at Overton Park, Lubbock, TX
The Village at Overton Park is across University Avenue from the Jones AT&T Football Stadium and is adjacent to The Shoppes at Overton Park, a vibrant student oriented retail center. The 612-bed development is designed as an urban infill community and will be the closest and newest property in proximity to Texas Tech’s core campus with modern amenities and spacious units.
The property will feature a 7,400-square-foot community center that includes a fitness center, social lounge, wireless internet café, outdoor grills and a resort-style pool. The community will consist of four bedroom and four and a half bathroom three-story townhome units constructed on top of conventional four bedroom and four bathroom flat units. In addition, there will also be a limited number of two bedroom flats. All units will be fully furnished and include washers and dryers. The project also contains a gated parking garage.
The Villas on Rensch, Amherst, NY
The Villas on Rensch is under construction across the street from one of SUNY Buffalo's main entrances and will be the closest off campus student community to core campus. The 610-bed property will feature an 8,900-square-foot community center that includes a fitness center, game lounge, student lounge, wireless internet café, patio and outdoor amenity area with gas grills, outdoor fireplace, a spa and two covered bus shelters with heating. The community will offer a newly designed spacious four bedroom and four bathroom two-story townhome unit, which will be fully furnished and feature private bedroom and bathroom accommodations with washers and dryers.
The Village at Overton Park and Villas on Rensch are scheduled to open for occupancy in August 2012 with leasing commencing this August. For more information, visit www.villageatoverton.com and www.villasonrensch.com
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 109 student housing properties containing approximately 67,600 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 141 properties with approximately 91,900 beds.