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Phoenix & Southwest  + Phoenix  + Student Housing  | 
Arizona State University

ASU Portfolio Includes One Off- and Seven On-Campus Properties

American Campus Communities Inc. recently formed a joint venture for the ownership of its existing eight-property Arizona State University (ASU) student housing portfolio. Harrison Street, as part of its social infrastructure platform, acquired a 45 percent interest in the joint venture, with the company owning the majority 55 percent interest.

The transaction is structured with a two-stage closing. The first stage closed on December 31, 2021 and involved the contribution of three properties to the joint venture and provided the company with proceeds of $271.7 million.

The second stage is expected to close in late 2022 or early 2023 and will involve the contribution of the remaining five properties for expected proceeds of $279.6 million, subject to customary closing conditions including no material adverse changes to these properties. The transaction satisfies the company’s previously communicated capital sourcing transactions of $200 to $400 million for calendar year 2022 and provides for additional capital proceeds moving into 2023.

The 8,187-bed ASU portfolio includes seven on-campus American Campus Equity (ACETM) developed communities subject to leasehold interests with ASU and one previously acquired off-campus property located adjacent to the ASU campus.

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American Campus Communities

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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