The student housing REIT currently has 24 projects in various stages of development.
Austin, Texas — In its most recent earnings statement American Campus Communities (NYSE: ACC) laid out its development pipeline for the near future. The company currently has $190.4 million worth of owned student housing projects under construction and $337.3 million in owned projects in the beginning stages of development. In addition, it is providing third-party development services for two projects and was awarded the development assignment for six additional communities.
ACC has three communities slated for completion in August. They include Lobo Village, an 864-bed community located near the University of New Mexico; Villas at Babcock, a 792-bed community located near the University of Texas – San Antonio; and Villas on Sycamore, a 680-bed community located near Sam Houston State University. August 2012 will see the completion of 5,398 beds, comprising two communities each at Arizona State University and Northern Arizona University, and one community each at The University of Texas – Arlington, Kennesaw State University in Georgia, the University of New Mexico, Texas A&M University, and the University of Buffalo. In August, 2013, a third project will be complete at Arizona State University.
The developer has two owned projects in which a tentative groundbreaking date has not been set. They include a 650-bed project at Southern Illinois University and the second phase of one of the above mentioned projects at Arizona State University.
ACC is completing third-party development projects at Cleveland State University (the second phase of a two-phase project) and Edinboro University in Pennsylvania. Both will be complete this August and will total 1,456 beds.
Finally, the company has six third-party, on-campus projects it has been awarded and has not commenced. Two of these, located at Illinois State University and Northern Illinois University, will break ground this quarter. A project at Princeton University will break ground in 2013. The other three projects — for communities at CUNY – Staten Island, the University of California – Irvine, and the University of Wyoming — do not have tentative groundbreaking dates yet.