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
| Feb 25, 2013
What end-users do (and don't) know about lighting technology (infographic)
The fifth annual SYLVANIA Socket Survey from OSRAM SYLVANIA finds that consumers are adjusting to new legislation and energy-efficient lighting options, with about half saying that they plan to switch to new lighting technologies.
| Feb 25, 2013
10 U.S. cities with the best urban forests
Charlotte, Denver, and Milwaukee are among 10 U.S. cities ranked recently by the conservation organization American Forests for having quality urban forest programs.
| Feb 21, 2013
Holl videos discuss design features of Chengdu ' Porosity Block' project
Architect Steven Holl has released two short films describing the development of Sliced Porosity Block in Chengdu, China.
| Feb 21, 2013
Construction team chosen for world's tallest building in Jeddah, Saudi Arabia
Construction team chosen for world's tallest building in Jeddah, Saudi Arabia.
| Feb 20, 2013
Group of West Coast civil engineers developing building standards for tsunamis
A group of civil engineers from around the western U.S. is developing additions to the building code to address the threat of a tsunami.
| Feb 19, 2013
Luxury multifamily project under way in Atlanta; 215 residences planned
Hines Multifamily is building @1377, a luxury complex comprising 215 "urban-style residences" in Atlanta's Brookhaven neighborhood.
| Feb 18, 2013
Top 10 kitchen and bath design trends for 2013
Gray color schemes and transitional styles are among the top trends identified by more than 300 kitchen and bath design experts surveyed by the National Kitchen & Bath Association (NKBA).
| Feb 15, 2013
Could the student housing boom lead to a bubble?
Student housing has been one of the bright spots in the multifamily construction sector in recent years. But experts say there should be cause for concern for oversupply in the market.
| Feb 13, 2013
China plans new car-free city
A new urban development near Chengdu, China, will provide new housing for ~80,000 people, surrounded by green space.
| Feb 13, 2013
'Vegetative tower' apartments to revive NYC site
A Manhattan site formerly slated for development with a "tower of cubes"—a now-defunct project by Santiago Calatrava—will be revived with a 998-foot, 300,000-sf apartment building by Morali Architects.
