Source: American Campus Communities / #Student #Housing
AUSTIN, TX - American Campus Communities, Inc., the largest owner, manager and developer of high-quality student housing properties in the U.S., announced the November 30, 2012 completion of the previously announced acquisition of 19 select student housing properties with 12,049 beds, including 366 beds at an additional phase currently under development at an existing property, from affiliates of Kayne Anderson Capital Advisors, L.P. The aggregate purchase price of $862.8 million includes the assumption of approximately $395.8 million of outstanding mortgage debt. The acquisition of the phase under development, which is expected to close during the third quarter of 2013, is subject to certain closing conditions, including satisfactory completion of such phase.
“These assets represent an exceptional opportunity to increase our asset base with high-quality properties and locations in Tier 1 university markets,” said Bill Bayless, American Campus CEO. “Furthermore, we expect to create significant value through improved operations and efficiencies with our proven operating platform. We would like to thank the Kayne Anderson team for their diligent and collaborative work with the ACC team to close the transaction in such a short time frame and earlier than expected.”
American Campus Communities, Inc. is the largest developer, owner and manager 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.