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
Multifamily Housing | Mar 18, 2019
New luxury multifamily development set to bring 254 units to the Maryland suburbs
Dwell Design Studios is designing the project.
Multifamily Housing | Mar 15, 2019
Portland’s new affordable housing development includes units for families transitioning out of homelessness
Salazar Architect is designing the building.
Building Tech | Mar 13, 2019
Almost everything you wanted to know about industrial construction
Our experts offer 15 tips on how best to perform factory-based construction.
Multifamily Housing | Mar 11, 2019
Kaiser Permanente takes aim at reducing chronic homelessness
Initiatives include a multimillion-dollar investment fund, and collaborating with a group that works with communities to house the unsheltered.
Multifamily Housing | Mar 6, 2019
MLK Plaza brings 167 units of affordable housing to the Bronx
The project was financed by the City’s ELLA program.
Multifamily Housing | Feb 26, 2019
275-unit residential building under construction at 2111 S. Wabash
Solomon Cordwell Buenz is designing the project.
Hotel Facilities | Feb 4, 2019
31-story YotelPAD Miami combines 222 hotel rooms and 231 condominiums
YotelPAD is a new brand by Yotel.
Multifamily Housing | Jan 31, 2019
Student housing series: Designing a home away from home in The Golden State
California asserts building code restrictions more stringently than other states, making design challenging for student housing.
Multifamily Housing | Jan 29, 2019
Here's what $41M will buy you in the OMA-designed Avery tower in SF
A glass-enclosed, full-floor, 8,482-sf penthouse will sit more than 600 feet above San Francisco's Transbay District.
