November 16, 2016
Austin, TX-based American Campus Communities closed on the sale of a non-core student housing portfolio containing 12,083 beds across 19 assets. Buyer Saban Real Estate Group paid $508 million to ACC, which included prepayment of $197.3 million of secured mortgage debt. ACC will provide third-party management for 11 of the assets during the transition period.
ACC’s goal is a portfolio of properties that are near to campuses, according to Bill Bayless, CEO of ACC. “Our overall proximity to campus improves to a median distance to campus of only one-tenth of a mile, from two-tenths of a mile, and our portfolio now contains only two remaining assets located more than one mile from campus,” he said.
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