This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ACC 7th Street Station, Corvallis, Oregon (Photo: Business Wire)

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 close of sale on an asset and the acquisition of two properties, all in separate transactions. As part of the company’s ongoing program to fund growth via dispositions, it sold Northgate Lakes, an off-campus community serving students attending the University of Central Florida (UCF) in Orlando for a sales price of $39.6 million. This sale brings the company’s year-to-date dispositions to $157.4 million. On the growth front, the company acquired 7 th Street Station, a student housing community pedestrian to Oregon State University (OSU) in Corvallis, and The Plaza Apartments located across the street from Florida State University (FSU) in Tallahassee, which the company intends to demolish and redevelop the site. The combined purchase price of both acquisitions totals $36.9 million.

ACC 7th Street Station, Corvallis, Oregon (Photo: Business Wire)

ACC 7th Street Station, Corvallis, Oregon (Photo: Business Wire)

“We continue to execute on our long-term strategy to self-fund a greater portion of our growth,” said William Talbot, American Campus chief investment officer. “We’re focused on continually improving the quality of our portfolio by selling older products that may have diminishing future NOI growth along with assets that are farther from campus, while reinvesting in newer, core pedestrian assets in submarkets with barriers to entry.”

In July, the company completed the disposition of Northgate Lakes, a 710-bed community built in 1998 and previously acquired by the company as part of the Royal Properties portfolio in 2006. American Campus is currently developing The Plaza on University, a new pedestrian community serving students attending UCF. The 1,313-bed mixed-use development is located across from the main gates of UCF and will open in fall 2014.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs