Business & Finance
Business and Finance
Business and Finance
Thu, June 30, 2011 American Campus Communities Begins Construction on New Student Housing near UT Arlington
AUSTIN, Texas--([ BUSINESS WIRE ])--American Campus Communities, Inc. (NYSE:ACC), one of the largest owners, managers and developers of quality student housing properties in the U.S., announced today that it has begun construction on a $24.9 million, off-campus student housing complex adjacent to The University of Texas at Arlington.
"We are excited for the opportunity to develop a high-quality, differentiated product that is within walking distance to campus in a market with established enrollment growth"
The 488-bed project is under construction north of UTA Boulevard near the Universitya™s Maverick Activities Center and is designed as an urban infill community that will compliment the citya™s master plan for revitalization of the downtown area and create a more vibrant campus edge. University Centre on UTA Boulevard will be the closest student housing project developed in the off-campus market and will be adjacent to existing on-campus housing.
aWe are excited for the opportunity to develop a high-quality, differentiated product that is within walking distance to campus in a market with established enrollment growth,a said Bill Bayless, American Campus CEO. aUT Arlington students will have access to a new urban community unlike anything in the area that will facilitate a positive living and learning experience for residents.a
The four-story development will feature a 7,040-square-foot community center that includes a fitness center, game lounge, student lounge, wireless Internet caf©, patio and resort-style pool. The community also includes a three-story, gated parking garage that will offer free covered parking to residents. Located across the street from a UT Arlington shuttle stop, residents will be able to easily access all main campus activities.
The community will primarily consist of four-bedroom units with a small mix of two- and three-bedroom units, all of which include private bedrooms and bathrooms. All units will be fully furnished and include washers and dryers. Units will be leased by the bedroom on an individual lease liability. University Centre also will feature a Residence Life program with a variety of educational, recreational and social activities.
Demand for student housing has increased in recent years as UT Arlingtona™s enrollment has climbed to nearly 34,000 students. The University regularly has a substantial waiting list that far exceeds the 4,400 beds currently available on campus.
aUniversity Centre will satisfy a need for more housing options for our students while enhancing our campus edge,a said John Hall, UT Arlington vice president for administration and campus operations. aWe are pleased to have American Campus as neighbors, and we believe this project will further the ongoing successful revitalization taking place in downtown Arlington."
Leasing for University Centre on UTA Boulevard is scheduled to begin in September 2011 with occupancy expected in Fall 2012. Visit [ www.univcentreuta.com ].
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 107 student housing properties containing approximately 66,400 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 142 properties with approximately 91,700 beds. Visit [ www.americancampus.com ] and [ www.studenthousing.com ].
About The University of Texas at Arlington
The University of Texas at Arlington is a comprehensive research institution of 33,800 students in the heart of North Texas. Visit [ www.uta.edu ] to learn more.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.
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