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 | Oct 16, 2019
Covenant House New York will support the city’s homeless youth
FXCollaborative designed the building.
Multifamily Housing | Oct 16, 2019
A new study wonders how many retiring adults will be able to afford housing
Harvard’s Joint Center for Housing Studies focuses on growing income disparities among people 50 or older.
Multifamily Housing | Oct 14, 2019
Eleven, Minneapolis’ tallest condo tower, breaks ground
RAMSA designed the project.
| Oct 11, 2019
Tips on planning for video surveillance cameras for apartment and condominium projects
“Cameras can be part of a security program, but they’re not the security solution itself.” That’s the first thing to understand about video surveillance systems for apartment and condominium projects, according to veteran security consultant Michael Silva, CPP.
Multifamily Housing | Oct 9, 2019
Multifamily developers vs. Peloton: Round 2... Fight!
Readers and experts offer alternatives to Peloton bicycles for their apartment and condo projects.
Multifamily Housing | Oct 7, 2019
Plant Prefab and Brooks + Scarpa design scalable, multifamily kit-of-parts
It is Plant Prefab’s first multifamily system.
Multifamily Housing | Oct 3, 2019
50 Penn breaks ground in New York, will provide 218 units of affordable housing
Dattner Architects is designed the project.
Multifamily Housing | Sep 12, 2019
Meet the masters of offsite construction
Prescient combines 5D software, clever engineering, and advanced robotics to create prefabricated assemblies for apartment buildings and student housing.
Multifamily Housing | Sep 10, 2019
Carbon-neutral apartment building sets the pace for scalable affordable housing
Project Open has no carbon footprint, but the six-story, solar-powered building is already leaving its imprint on Salt Lake City’s multifamily landscape.
