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 | Aug 5, 2015
FacadeRetrofit.org: A new database for tracking commercial and multifamily façade upgrades
The site allows users to submit information about new projects, or supplement information on those already posted.
High-rise Construction | Jul 29, 2015
Jerusalem to get a high-rise pyramid by Daniel Libeskind
Are pyramids making a comeback? The city of Paris recently approved a triangle-shaped building that stirred controversy from residents. Now, the city of Jerusalem gave Libeskind's pyramid tower the go-ahead.
Contractors | Jul 29, 2015
Consensus Construction Forecast: Double-digit growth expected for commercial sector in 2015, 2016
Despite the adverse weather conditions that curtailed design and construction activity in the first quarter of the year, the overall construction market has performed extremely well to date, according to AIA's latest Consensus Construction Forecast.
High-rise Construction | Jul 28, 2015
Work begins on KPF's 'flared silhouette' tower in Manhattan
The 62-story, 157-unit luxury condo tower widens at the 40th floor, resulting in a gently flared silhouette, accented by a sculpted crown.
Multifamily Housing | Jul 27, 2015
Miami developers are designing luxury housing to cater to out-of-town buyers and renters
The Miami Herald reports on several new multifamily projects, including the Paramount Miami Worldcenter, whose homes include maid’s rooms, larger terraces, boutique-size closets, and guest suites.
Multifamily Housing | Jul 20, 2015
At an 18-year high, multifamily construction continues to drive housing sector
Predictions that multifamily housing construction would taper off in 2015 may have underestimated the ongoing demand for this kind of housing, the vast majority of which is being marketed as rentals.
Multifamily Housing | Jul 16, 2015
Minneapolis relaxes parking requirements on new multifamily buildings
The city cut the number of spots required for large developments by half. It also will accept plans with no parking spaces in certain cases.
Codes and Standards | Jul 16, 2015
Berkeley, Calif., adopts balcony inspection program following deadly collapse
Apartment building balconies will be subject to inspections every three years under new regulations adopted following a deadly collapse.
Multifamily Housing | Jul 9, 2015
Melbourne approves Beyoncé inspired skyscraper
The bootylicious tower is composed of 660 apartments and a 160-room hotel at the west end of Melbourne's business district.
Codes and Standards | Jul 8, 2015
California Supreme Court upholds affordable housing requirements
Court cites affordable housing crisis of ‘epic proportions.’
