AUSTIN, Texas--(BUSINESS WIRE via COLLEGIATE PRESSWIRE)--June 6, 2007--American Campus Communities, Inc. (NYSE:ACC), one of the nation's largest owners, developers and managers of high-quality student housing, today announced that is has been selected by the University of California, Irvine (UCI) to begin the planning process for the development of up to 4,000 on-campus beds. UCI plans to increase housing at its campus, which currently serves approximately 25,000 students, from approximately 10,500 beds to 14,500 beds.
The multi-phase development project will be located on up to five separate land parcels on the East Campus of UCI. The first phase is expected to commence construction in 2008. Pre-development activities related to the transaction structure, financing, product types, construction phasing and management are underway. It is anticipated that the majority of transactions will be structured with American Campus providing third-party development and management services; however, equity investment by the company via its ACCE(TM) program is an option the University is considering for limited portions of the overall development. The project will target the US Green Building Council's LEED silver or higher certified rating.
"We are honored to have the opportunity to work in partnership with UCI on such a significant project," said Bill Bayless, American Campus president and CEO. "UCI has been and continues to be one of the most progressive institutions in the nation with regard to providing high-quality, affordable student housing. We are proud to be part of the housing legacy they are creating."
The company believes the 4,000 beds contemplated via this award, coupled with its previously completed 3,000-bed Vista del Campo and Vista del Campo Norte projects on the UCI campus, represent the single largest public/private partnership in the student housing industry. The Vista Del Campo community received the National Association of Home Builder's highly coveted Pillars of the Industry Award in 2005 for Best Student Housing.
"We are looking forward to a continued partnership with American Campus. Our prior developments with ACC set a new standard in the student housing industry," said Manuel Gomez, UC Irvine vice chancellor, student affairs. "We believe these communities will enable UCI to realize our enduring goal of providing exceptional living/learning experiences for our students that are both affordable and green."
About American Campus Communities, Inc.
American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, leasing and management of student housing properties. The company owns and manages a portfolio of 43 high-quality student housing communities containing approximately 26,800 beds. Including its owned properties, the company provides management and leasing services at a total of 56 properties, representing approximately 35,600 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding American Campus Communities Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
|
