Blackstone buying American Campus Communities

By Mike Sunnucks | Rose Law Group Reporter

Blackstone Inc. is buying American Campus Communities Inc. in a $12.8 billion deal announced Tuesday.

Blackstone will buy American Campus Communities for $65.47 per share in an all-cash deal.

ACC specializes in student housing developments in University towns— including Arizona State University in Tempe, Florida State University in Tallahassee and the University of Texas in Austin.

American Campus owns 166 properties in 71 college towns.

The Austin company owns and manages Manzanita Hall, Greek Leadership Village and housing for the Barrett Honors College.

ACC also owns and manages properties at Northern Arizona University in Flagstaff as well as housing at the University of Oregon, Oregon State University and the State University of New York at Buffalo.

“Through our IPO, eighteen years ago, we began our pioneering quest to transform the student housing sector into a mainstream, institutional asset class within the commercial real estate sector,” said Bill Bayless, American Campus Communities co-founder and CEO. “We have certainly accomplished that mission and are proud and excited to have our best-in-class company join Blackstone, the world’s largest alternative asset manager. This announcement represents the culmination of the passion and dedicated service of the ACC team to our student residents and university partners, while creating significant value for our shareholders.”

Jacob Werner, Co-Head of Americas Acquisitions for Blackstone Real Estate, said, “American Campus Communities has a best-in-class portfolio and platform, built on longstanding relationships with some of the most distinguished and fastest growing universities in the country. Our perpetual capital will enable ACC to invest in its existing assets and create much-needed new housing in university markets. We’re excited to work with the ACC team to deliver communities where students love living.”

As a condition to the deal, ACC has agreed to suspend payment of its quarterly dividend, effective immediately.

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