Austin-based American Campus Communities Announces $13B Transaction with Blackstone

American Campus Communities, an Austin-based developer, owner and manager of student housing communities in the United States, announced that it has entered into a definitive agreement under which Blackstone Core+ perpetual capital vehicles, primarily comprised of Blackstone Real Estate Income Trust, Inc. (“BREIT”), alongside Blackstone Property Partners (“BPP”), will acquire all outstanding shares of common stock of ACC for $65.47 per fully diluted share in an all-cash transaction valued at approximately $12.8 billion, including the assumption of debt.

ACC’s portfolio comprises 166 owned properties, 30 in Texas, found in 71 leading university markets including The University of Texas at Austin, Texas A&M University, Arizona State University, Florida State University, and the University of California, Berkeley, among others.

The transaction has been unanimously approved by ACC’s Board of Directors and the independent Special Committee of ACC’s Board and is expected to close in the third quarter of 2022, subject to approval by ACC’s shareholders and other customary closing conditions.