Flagstaff, Ariz. — American Campus Communities (NYSE: ACC) has broken ground on its fourth student housing transaction with Northern Arizona University in Flagstaff.
The 284,982-square-foot residential community, to be named SkyView, will house 626 students in 163 units. The property will be comprised of three-, four- and five-story buildings with flat and townhome floor plans. The community offers two-, three- and four-bedroom units with bed to bath parity. Select two-bedroom units will also feature a half bath.
A two-story, 12,602-square-foot community center will be located on the property, and will offer academic amenities including private study rooms, a quiet study loft and an academic success center. The community center will also feature a large community plaza with a fire pit, active gaming and lounge areas and mail and leasing services. The property will also contain a two-story fitness center with storage lockers and bike parking.
The SkyView transaction was structured under ACC’s American Campus Equity program, which gives universities the opportunity to expand their student housing portfolio while taking on the least amount of risk. Under the ACE program, no university financial resources will be used. The development is set to open in fall 2017.