American Campus Communities' Big Expansion
American Campus Communities is planning a strong development pipeline over the next three years, CIO William Talbot (a speaker at Bisnow’s Annual Student Housing Summit) tells us. Between now and 2018, it will deliver at least 21 owned projects totaling an amazing 14,000 beds and $1.2B of investment. About half the communities are on campus equity developments, and the others are immediately adjacent (overall, they average less than 0.1 miles from campus, William says). ACC will fund much of its development by taking advantage of the hot investment market for student product and disposing of properties that don’t fit its long-term strategy. It’s projected to sell $405M during the first half of 2015 alone, and William tells us those assets average 15 years old and 1.2 miles from campus.
Although ACC is building from Oregon to Philadelphia and everywhere in between, it doesn’t have any new developments immediately planned in Texas. But William is really excited about its renovation of The Castilian at UT. The iconic residence hall (Matthew McConaughey lived there) will complete its extensive facelift this summer. The amenities (pictured, the new game room), ground floor office and retail, and dining facilities have all been completely re-created and expanded, and now ACC is hard at work upgrading the remaining half of the units this summer. Hear from William and 20 other top student housing speakers at Bisnow’s BASH summit, which is collecting all the best minds in student housing in Philadelphia on June 2. Register now!