posted on June 17, 2011 00:21
Austin-based American Campus Communities Inc.
broke ground this week on four student housing projects with a total 3,249 beds, costing a combined $156.6 million.
The residential developer and manager (NYSE:ACC) — which last month secured $650 million in two credit facilities — said the four new projects are located on campus or within walking distance from four colleges. All are set to open this fall.
The projects include:
- $60.6 million, 1,126-bed townhome project at the Northern Arizona University
- $39.4 million, 1,027-bed second phase of a residence hall at the University of New Mexico
- $22.5 million, 456-bed project, called U Club on Frey, at Kennesaw State University in Georgia
- $34.1 million, 640-bed project, called U Club Townhome on Marion Pugh, at Texas A&M University in College Station
For more details on the properties, read the press release here.
American Campus Communities owns 106 student housing properties with about 65,900 beds nationally. The company flipped a $2.2 million loss to a $17.9 million profit year-over-year in the first quarter. Revenue jumped 27.1 percent during the period, bringing in a total $101.6 million, up from $80 million in the first quarter 2010. Diluted shares earned 25 cents each during the recent quarter, up from a net 5 cent loss during the same three months last year.
6/6/11, Austin Business Journal