American Campus Communities, Inc. (ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., announced this week that it had acquired 19 select student housing properties for $862.8 million from affiliates of Kayne Anderson Capital Advisors, L.P. According to a Businessweek article, ACC will pay $466.6 million in cash under the deal and assume roughly $396.2 million of outstanding mortgage debt. The acquisition is expected to close in the fourth quarter of 2012, with the exception of a property that is under development. That portion of the deal will close during the third quarter of 2013.
"We believe these 19 select assets offer high-quality products and locations in Tier 1 markets," said Bill Bayless, ACC CEO. "Furthermore, approximately 75 percent of the select portfolio is an average of 0.3 miles from campus in submarkets with barriers to entry. We are excited about this opportunity to create substantial value by overlaying our operating platform on this portfolio."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment