American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced progress on its 2012 growth plan and leasing status as an update for the REITWeek 2012 investor conference. During the quarter, the company acquired Avalon Heights, an off-campus project adjacent to the University of South Florida (USF), and purchased an off-campus land parcel at Florida State University (FSU) in Tallahassee. The company anticipates commencing construction on 601 Copeland this week. “We are intently focused on the quality growth of our portfolio as we continue to execute our investment strategy through the acquisition and development of Class A communities close to campus in submarkets with barriers to entry,” said Bill Bayless, American Campus CEO. “These two transactions are representative of the growth opportunities available to well-capitalized companies in this highly fragmented sector of real estate. From Fall 2011 through Fall 2013, we expect to add 28 properties totaling $1.1 billion to our new store portfolio.” Avalon Heights, a $30 million student housing community containing 754 beds, is the most well located asset in the USF market. Situated across the street from campus and 0.35 miles from campus core, the community center features over 20,000 square feet of amenity space including a fitness center, swimming pool, hot tub, basketball court, tennis courts, sand volleyball court, tanning bed, business center, and a large game room with pool tables and gaming consoles. ACC anticipates spending $2.1 million to upgrade the amenities and common areas of the community. The fully furnished units include full kitchens, bedroom/bathroom parity, full size washer/dryer, and a 42” wall-mounted flat screen TV provided in every living room. The projected year-one cap rate for the asset (inclusive of $2.1 million in capital) is 6.2 percent nominal and 5.6 percent economic, with a projected year-two nominal cap rate of 7.1 percent.