Blackstone Inc., a New York-based investment firm, has agreed to buy student-housing owner American Campus Communities Inc.
The deal values the company at about $12.8 billion, indicating the firm expects rents to continue to rise as more college students return to campus. Austin, Texas-based ACC is the largest publicly traded owner and developer of student housing in the U.S.
Blackstone plans to build new properties under ACC’s platform, signalling the firm’s optimism that demand will continue to grow. The ACC deal is Blackstone’s largest student housing investment to date. Last summer, it agreed to buy a majority stake in eight student-housing properties for $784 million.
ACC owns 166 buildings across the U.S., including properties near Arizona State University and the University of California, Berkeley. Roughly one-quarter of its properties are on campus.
Related Stories
Resiliency | Jun 3, 2024
Houston’s buyout program has prevented flood damage but many more homes at risk
Recent flooding in Houston has increased focus on a 30-year-old program to buy out some of the area’s most vulnerable homes. Storms dropped 23 inches of rain on parts of southeast Texas, leading to thousands of homes being flooded in low-lying neighborhoods around Houston.
MFPRO+ New Projects | May 29, 2024
Two San Francisco multifamily high rises install onsite water recycling systems
Two high-rise apartment buildings in San Francisco have installed onsite water recycling systems that will reuse a total of 3.9 million gallons of wastewater annually. The recycled water will be used for toilet flushing, cooling towers, and landscape irrigation to significantly reduce water usage in both buildings.
MFPRO+ News | May 28, 2024
ENERGY STAR NextGen Certification for New Homes and Apartments launched
The U.S. Environmental Protection Agency recently launched ENERGY STAR NextGen Certified Homes and Apartments, a voluntary certification program for new residential buildings. The program will increase national energy and emissions savings by accelerating the building industry’s adoption of advanced, energy-efficient technologies, according to an EPA news release.
MFPRO+ News | May 24, 2024
Austin, Texas, outlaws windowless bedrooms
Austin, Texas will no longer allow developers to build windowless bedrooms. For at least two decades, the city had permitted developers to build thousands of windowless bedrooms.
Mass Timber | May 22, 2024
3 mass timber architecture innovations
As mass timber construction evolves from the first decade of projects, we're finding an increasing variety of mass timber solutions. Here are three primary examples.
Mixed-Use | May 22, 2024
Multifamily properties above ground-floor grocers continue to see positive rental premiums
Optimizing land usage is becoming an even bigger priority for developers. In some city centers, many large grocery stores sprawl across valuable land.
MFPRO+ News | May 21, 2024
Massachusetts governor launches advocacy group to push for more housing
Massachusetts’ Gov. Maura Healey and Lt. Gov. Kim Driscoll have taken the unusual step of setting up a nonprofit to advocate for pro-housing efforts at the local level. One Commonwealth Inc., will work to provide political and financial support for local housing initiatives, a key pillar of the governor’s agenda.
MFPRO+ News | May 21, 2024
Baker Barrios Architects announces new leadership roles for multifamily, healthcare design
Baker Barrios Architects announced two new additions to its leadership: Chris Powers, RA, AIA, NCARB, EDAC, as Associate Principal and Director (Healthcare); and Mark Kluemper, AIA, NCARB, as Associate Principal and Technical Director (Multifamily).
MFPRO+ News | May 20, 2024
Florida condo market roiled by structural safety standards law
A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market. The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures.
Mass Timber | May 17, 2024
Charlotte's new multifamily mid-rise will feature exposed mass timber
Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.