American Campus Communities trades student housing at three colleges

Sep 13, 2013
Austin Business Journal

American Campus Communities Inc. sold and purchased student housing properties at three college campuses in an overall strategy to fund growth


The Austin-based company recently completed the Callaway House residence hall at the University of Texas


In the first transaction, ACC (NYSE: ACC) sold the off-campus Northgate Lakes property near the University of Central Florida in Orlando, Fla., for $39.6 million


The company purchased the 7th Street Station student housing community at Oregon State University in Corvallis, Ore., and The Plaza apartments in Tallahassee, Fla., near Florida State University. The combined purchase price was $36.9 million. ACC plans to demolish The Plaza property and redevelop the site


So far this year, ACC has sold $157.4 million in properties to fund growth


Currently, the company owns 163 student housing properties across the country with 99,700 beds. The company manages about 35 properties for other owners


ACC is the ninth largest public company headquartered in Austin, based on the Austin Business Journal 2013 Book of Lists. It has 3,148 employees company wide



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