American Campus Communities Inc. (NYSE:ACC), the Austin-based developer and owner/manager of student housing communities, has been acquired by Blackstone Real Estate Income Trust Inc. (“BREIT”), a non-listed real estate investment trust owned by Blackstone Inc. (NYSE:BX), in a $12.8 billion all cash transaction.
What Happened: ACC’s portfolio encompasses 166 owned properties with 111,900 beds in 71 major university markets including the University of Texas at Austin and the University of California — Berkeley. The company also maintains a managed portfolio consisting of 203 properties with approximately 140,900 beds. Roughly one-quarter of ACC’s properties are based on campus and the majority are within walk distance of their schools.
