American Campus Communities to buy 19 student accommodation complexes
American Campus Communities, a student lodging Reit, has greed to purchase 19 student housing properties with 12,049 beds from affiliates of Kayne Anderson Capital Advisors for USD862.8m.
The deal will include 366 beds at an additional phase currently under construction at an existing community.
ACC will assume nearly USD396.2m of outstanding mortgage debt and use USD466.6m in cash to finance the transaction. The deal is scheduled to close by next month.
The acquisition of the development property is set to close during the third quarter of next year.
ACC will serve as the leasing and management agent for the new complex and will replace six different third-party managers.
The average age of the assets is 3.7 years and its occupancy is 92.3 per cent for the 2012 - 2013 academic year. Three out of four of the communities are less than a half mile from campus.
ACC will invest approximately USD12.3m in amenity upgrades and capital improvements to the properties.
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