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 9, 2021
Eden House residential development will rise 16 stories in Nashville
Gresham Smith designed the project.
| Aug 8, 2021
Furniture installation lends a 'hospitality feel' to a new apartment community in Colorado Springs
Furniture Solutions Group procured the furniture, window treatments, artwork, and accessories for the Mae on Cascade apartments in Colorado Springs.
Multifamily Housing | Aug 1, 2021
An aging public housing complex in L.A. is being redeveloped
The city and county are grappling with an escalating homeless crisis
Multifamily Housing | Jul 30, 2021
Multifamily housing for a post-COVID world
A trio of multifamily design experts presents concepts for post-pandemic apartment developments.
Multifamily Housing | Jul 28, 2021
158-unit multifamily complex set to begin construction in D.C.’s Logan Circle
Hickok Cole is the project architect.
Multifamily Housing | Jul 28, 2021
158-unit multifamily complex set to begin construction in D.C.’s Logan Circle
Hickok Cole is the project architect.
Multifamily Housing | Jul 27, 2021
New report predicts double-digit multifamily delivery rebound in 2021
Yardi Matrix also foresees rent inflation “persisting” in some metros for months ahead.
Multifamily Housing | Jul 27, 2021
Call for submissions: ‘Affordable Housing Projects' Cover Story
MULTIFAMILY Design+Construction is looking for the best new "affordable housing" communities for the Fall Issue 2021.
Multifamily Housing | Jul 23, 2021
26-story apartment tower tops out in Silver Spring, Md.
The building will be the tallest in Silver Spring.
Market Data | Jul 20, 2021
Multifamily proposal activity maintains sizzling pace in Q2
Condos hit record high as all multifamily properties benefit from recovery.
