News release regarding our student housing REIT, American Campus Communities Inc. (ACC):
American Campus Communities Inc. (ACC) won a deal to build a 1,008-bed student housing project in Illinois.
The Austin-based residential developer and manager (NYSE:ACC) was awarded the project through a competitive procurement process. The $132 million build at Northern Illinois University will open in August 2012.
The two, five-story structures will be the school's first new undergraduate residence hall in more than four decades. Units will have a shared living area, study space, kitchenette and washer and dryer. Another 12 units will be completely private. A 32,839-square-foot community center will house a social lounge with gaming area, fitness center and meeting space.
The property will also include a sand volleyball court, basketball half court and bean bag courts.
American Campus (NYSE: ACC) is the ninth-largest public company in Austin and maintains assets worth more than $2.6 billion. Last year, the company acquired 17 properties with 10,417 beds for a total $414.2 million, and broke ground on $190.4 million in projects with 3,314 beds.
RESOURCE: Austin Business Journal
Date: Wednesday, April 20, 2011, 12:01pm CDT - Last Modified: Wednesday, April 27, 2011, 8:39am CDT
