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
| Sep 15, 2014
Ranked: Top international AEC firms [2014 Giants 300 Report]
Parsons Brinckerhoff, Gensler, and Jacobs top BD+C's rankings of U.S.-based design and construction firms with the most revenue from international projects, as reported in the 2014 Giants 300 Report.
| Sep 15, 2014
Gen-Y-focused multifamily development under way in L.A.
The new urban residential community at 1001 S. Olive Street will offer open floor plans consisting of 64 studios, 109 one bedroom units, and 28 two-bedroom units, ranging in size from approximately 500 sq ft to 1,100 sq ft.
| Sep 9, 2014
Using Facebook to transform workplace design
As part of our ongoing studies of how building design influences human behavior in today’s social media-driven world, HOK’s workplace strategists had an idea: Leverage the power of social media to collect data about how people feel about their workplaces and the type of spaces they need to succeed.
| Sep 7, 2014
Behind the scenes of integrated project delivery — successful tools and applications
The underlying variables and tools used to manage collaboration between teams is ultimately the driving for success with IPD, writes CBRE Healthcare's Megan Donham.
| Sep 5, 2014
First Look: Zaha Hadid's Grace on Coronation towers in Australia
Zaha Hadid's latest project in Australia is a complex of three, tapered residential high-rises that have expansive grounds to provide the surrounding community unobstructed views and access to the town's waterfront.
| Sep 3, 2014
Ranked: Top local government sector AEC firms [2014 Giants 300 Report]
STV, HOK, and Turner top BD+C's rankings of the nation's largest local government design and construction firms, as reported in the 2014 Giants 300 Report.
| Sep 3, 2014
New designation launched to streamline LEED review process
The LEED Proven Provider designation is designed to minimize the need for additional work during the project review process.
| Sep 2, 2014
Ranked: Top green building sector AEC firms [2014 Giants 300 Report]
AECOM, Gensler, and Turner top BD+C's rankings of the nation's largest green design and construction firms.
| Sep 2, 2014
Extreme conversion: 17-story industrial silo to be converted to high-rise housing
As part of Copenhagen's effort to turn an industrial seaport into a bustling neighborhood, Danish architecture firm COBE was invited to convert a grain silo into a residential tower.
| Sep 2, 2014
Melbourne's tallest residential tower will have 'optically transformative façade'
Plans for Melbourne's tallest residential tower have been released by Elenberg Fraser Architects. Using an optically transformative façade and botanical aesthetic, the project seeks to change the landscape of Australia's Victoria state.
