Blackstone to Acquire American Campus Communities for $13B
American Campus Communities, Inc. has entered into a definitive agreement under which Blackstone Core+ perpetual capital vehicles, will acquire all outstanding shares of ACC common stock for $65.47 per fully diluted share in an all-cash transaction valued at approximately $12.8 billion, including the assumption of debt. Austin-based ACC’s portfolio comprises 166 owned student housing properties across 71 markets.
“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 Bill Bayless, ACC co-founder and CEO. “We have certainly accomplished that mission and are proud and excited to have our best-in-class company join Blackstone, the world’s largest alternative asset manager.”
Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, said, “Our perpetual capital will enable ACC to invest in its existing assets and create much-needed new housing in university markets.”
The transaction is expected to close in the third quarter of 2022, subject to approval by ACC’s shareholders and other customary closing conditions.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).