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American Campus Communities Pays $591M for Core Spaces Portfolio

American Campus Communities Inc., headquartered in Austin, TX, has entered into an agreement with Core Spaces and DRW Real Estate Investments to acquire a 3,776-bed student-housing portfolio. Upon closing, ACC will pay $590.6 million for the portfolio, which includes two existing properties, two that opened in fall 2017, and three projects under construction.

The existing properties are:

  • The 513-bed Hub Eugene, 525 E. Broadway, Eugene, OR; University of Oregon
  • The 665-bed State, 1721 Choice Center Dr., Fort Collins, CO; Colorado State University

Those opening in Fall 2017 include:

  • The 850-bed James, 432 W. Gorham St., Madison, WI; University of Wisconsin
  • The 248-bed Hub at U District Seattle, 5000 University Way N.E., Seattle, WA; University of Washington

Those under construction (totaling 1,500 beds) are:

  • Hub Ann Arbor, 306 S. State St., Ann Arbor, MI; University of Michigan
  • Hub West Lafayette, 202 South St.; West Lafayette, IN; Purdue University
  • Hub Flagstaff, 215 W. Phoenix Ave., Flagstaff, AZ; Northern Arizona University

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