American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced the acquisition of The Block, a six-community off-campus property consisting of 1,555 beds. The Block is located within the West Campus submarket and serves students attending The University of Texas at Austin.
With the acquisition of The Block and other recent transactions – including the Campus Acquisition transaction that is expected to close in mid-September and features The Castilian, The Texan, and The Vintage; the development of the 17-story premier freshman residence hall, The Callaway House Austin, opening Fall 2013; and the recent acquisition of 26West – American Campus will own or have under construction approximately 4,270 student housing beds in the West Campus submarket. As part of its major expansion in the UT off-campus housing market, American Campus has also become the official student housing sponsor of UT Athletics.
American Campus was founded in Austin in 1993 with a single student housing management contract and four employees. The company has grown to own and manage 154 properties in 85 university markets and has a total market capitalization of $5.6 billion. Prior to the company’s recent reentry into the market, American Campus has not owned or managed properties in the Austin market since 2005.
“We have been waiting patiently for the right opportunities to come back strong into our beloved hometown of Austin,” said Bill Bayless, American Campus CEO. “The Block, along with our other Austin communities, is in line with our strategic plan to own differentiated Class A assets within walking distance to campus in submarkets with high barriers to entry. We are excited to be offering a variety of high-quality products and price points that serve the broadest range of UT students and parents.”