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American Campus Announces Start of Construction on New Housing at Northern Illinois University

^{Published on 2011-04-19 11:55:28 - Market Wire}
 

AUSTIN, Texas--([ BUSINESS WIRE ])--American Campus Communities, Inc. (NYSE:ACC), one of the largest owners, managers and developers of high-quality student housing properties in the U.S., announced today the start of construction on a third-party development project on the campus of Northern Illinois University in DeKalb, Illinois. The 1,008-bed residence hall community was awarded through a competitive procurement process and is anticipated to open for occupancy in August 2012.

"We are extremely pleased to be assisting NIU with the realization of this vibrant living-learning community"

Located at the northern gateway of the NIU campus, the project was designed as a modern living-learning community that meets the Universitya™s goal of providing housing for incoming students with modern residential amenities and greater individual privacy, while also allowing ample opportunities for interaction with fellow student residents.

aWe are extremely pleased to be assisting NIU with the realization of this vibrant living-learning community,a said Bill Bayless, American Campus president and CEO. aThanks to the leadership at NIU, their students will soon have an exceptional residential environment designed to promote success academically and socially.a

As NIUa™s first new undergraduate residence hall in more than four decades, the project is designed as a modern living-learning community with the residential units configured in clusters to promote healthy social interaction. The community will have 500 beds distributed across five floors and consist of two residential buildings, each representing a neighborhood. Eight residential units consisting of two different configurations and four identical Community Advisor (CA) units, which will be found on every floor. The residential units will feature a community space that includes a shared living area, study areas, kitchenette and washer and dryer, and twelve private bedrooms with six shared bathrooms.

The 32,839-square-foot community center serves as the projecta™s hub for student life with space for residence life operations and student amenities that include a social lounge with gaming area, a fitness center equipped with modern workout equipment and meeting space. Also contained within the community center is a 500-seat dining hall that includes a market-style food court and serving areas supported by full kitchen facilities. The administrative areas will include a reception and waiting area for prospective residents, numerous offices, meeting spaces and a large conference room.

Outdoor amenities include a sand volleyball court, basketball half court and bean bag courts grouped together with picnic tables. Patios, benches and green spaces are intended for studying and socializing. Eighty spaces for bicycle parking are adjacent to each of the residential buildings.

Financing was provided through a fixed-rate bond issuance by Collegiate Housing Foundation, an Alabama-based non-profit organization that owns the project through a 40-year ground lease from NIU. ACC developed the project and successfully coordinated closing of the $132 million finance package. ACC also serves as construction manager.

About American Campus Communities

American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 103 student housing properties containing approximately 64,600 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 138 properties with approximately 89,400 beds. Visit [ www.americancampus.com ].