Armonk, N.Y. — The properties were included in Kayne Anderson's Fund I and II.
Armonk, N.Y. — American Campus Communities (ACC) has purchased 19 student housing properties from Kayne Anderson Capital Advisors for $862.8 million. The properties total 12,049 beds, including 366 beds at an additional phase currently under development at an existing property.
The acquisition of the existing properties, which is expected to close in the fourth quarter of 2012, consists of the assumption of approximately $396.2 million of outstanding mortgage debt and $466.6 million in cash.
This marks the largest transaction to date in student housing in 2012. In September, ACC announced it had purchased 15 properties from Campus Acquisitions for $627 million.