Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Austin-Based American Campus Communities Bought by Blackstone
A fund run by the Blackstone Group will acquire all outstanding shares of American Campus Communities (ACC) common stock for $65.47 a share. The transaction is valued at $12.8 billion. ACC is the largest developer, owner and manager of student housing communities in the United States.
The portfolio comprises 166 owned student housing properties across 71 markets. The transaction includes 30 university housing projects in Texas where American Campus Communities assets were either developed, acquired, owned or managed. Six are in San Marcos and Lubbock and five are in Austin.
“Through our IPO, 18 years ago, we began our pioneering quest to transform the student housing sector into a mainstream, institutional asset class within the commercial real estate sector,” said ACC’s Bill Bayless. “We have certainly accomplished that mission.”
The ACC shares are to be acquired by Blackstone Core+ perpetual capital vehicles. The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions.
- ◦Sale/Acquisition
