Austin, Texas — American Campus Communities (ACC) has provided a COVID-19 interim update on universities’ planned delivery of curriculum for the fall, leasing for the 2020-2021 academic year and progress on rent collections. University Announcements Forty-seven of the 68 universities served by ACC’s portfolio are planning to return to in-person classes for fall 2020, while 12 are still considering a range of possible scenarios including a hybrid in-person and virtual class model, according to reports by The Chronicle of Higher Education. Three universities that the company serves — which are …
Austin, Texas — American Campus Communities (ACC) has announced financial results for the first quarter of 2020 and provided an update on pre-leasing for the upcoming academic year. The company reported a net income of $80.9 million or $0.58 per fully diluted share this year, versus $29.6 million or $0.21 per fully diluted share in the first quarter 2019. ACC also grew same store net operating income (NOI) by 1.2 percent over numbers seen during the first quarter of last year. Same store average physical occupancy was 97 percent for …
Austin, Texas— American Campus Communities (ACC) has sold The Varsity, a 901-bed student housing community located near the University of Maryland in College Park, to an undisclosed buyer for $148 million. The company also released a COVID-19 statement, outlining efforts to support its residents and employees impacted by the pandemic. At this time, ACC is: Waiving all late fees and financial-related eviction proceedings temporarily and working with residents and families who endure financial hardship on a case-by-case basis; Ensuring residents continue to have housing in an environment conducive to academic success, …
Austin, Texas — American Campus Communities (ACC) has hired Jason Taylor as vice president of public-private partnerships. In his new role, Taylor’s responsibilities will include identifying future university partners and development opportunities, and assisting university leaders in the evaluation of facility financing and delivery options. Taylor previously served as managing director of university partnerships at Greystar. “Jason’s impressive track record, overall industry expertise and service to universities across the country will further strengthen our team as we continue to expand our public-private partnership efforts,” says Noel Brinkman, senior vice president of …
Boston — A public-private partnership between American Campus Communities (ACC) and Northeastern University resulted in the opening of LightView in September of this year. The 20-story development is targeting Platinum certification from The U.S. Green Building Council (USGBC), the highest level of its Leadership in Energy and Environmental Design (LEED) program. The LEED for Homes Mid-Rise Rating system is comprised of a list of industry best-practices divided into requirements and optional credits in several categories. “There are a few areas where Lightview claims stand-out performance,” says Mark Price, a LEED …
Irvine, Calif. — A public-private partnership between American Campus Communities (ACC) and the University of California – Irvine has opened Plaza Verde, a 1,441-bed, on-campus residential tower. The community offers fully furnished units and shared amenities including state-of-the-art fitness centers, multi-purpose rooms, outdoor pavilions, an academic success center and group and private study spaces. The community was built in hopes of achieving LEED Platinum status, and features an all-electric system that eliminates the need for natural gas. “In addition to being a healthy and dynamic student community, Plaza Verde is …
Austin, Texas — American Campus Communities (ACC) has provided an interim financial update and leasing results for the 2019-2020 academic year. The company anticipates that 2019 Funds from Operations (FFO) will be in the range of $2.61 to $2.63 and Funds from Operations-Modified (FFOM) will be in the range of $2.40 to $2.44 per fully diluted share. As of September 30, the company’s 2020 same-store portfolio was 97.4 percent leased. This is an increase of 40 basis points as compared to 97.0 percent leased at the same time last year. …
Riverside, Calif. — The University of California, Riverside (UCR) and American Campus Communities (NYSE: ACC) have broken ground on North District, a mixed-use community anchored by new student housing buildings. The project will be situated on the university’s campus in Riverside, a city located in the Inland Empire about 60 miles east of Los Angeles. Upon full build-out, the project will feature up to 6,000 new student housing beds, new dining facilities, an NCAA Division I competition field, a field house sports facility, functional open spaces, multi-use spaces that can serve as …
Boston — A public-private partnership between American Campus Communities (ACC) and Northeastern University has opened LightView, an 825-bed residence hall located adjacent to the southeastern border of the university’s campus in Boston. The 20-story development offers four-bedroom units with shared or private accommodations. Community amenities include social and recreational lounges, a state-of-the-art fitness center, a 24-hour academic success center and 2,000 square feet of retail. The building will be privately owned and operated by ACC. Accordingly, its units will not be part of Northeastern’s housing lottery system. Instead, third-, fourth-, …
Austin, Texas — American Campus Communities has announced financial results for the second quarter of 2019. The company reported a net income attributable to ACC of $10.4 million or $0.07 per fully diluted share, versus $46 million or $0.33 per fully diluted share in the second quarter 2018. ACC grew same store net operating income by 3.5 percent over the second quarter 2018, with revenues increasing 3.2 percent and operating expenses increasing 2.9 percent. The Austin-based company increased same store average physical occupancy to 90.6 percent for the second quarter, …
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