American Campus Communities (ACC) has entered into a definitive agreement under which Blackstone Core+ perpetual capital vehicles, primarily comprised of Blackstone Real Estate Income Trust (BREIT), alongside Blackstone Property Partners (BPP), to acquire ACC for $65.47 per share.
The all-cash transaction, scheduled in the third quarter, is valued at around $12.8 billion.
ACC’s portfolio comprises 166 owned properties in 71 leading university markets, including Arizona State University; The University of Texas at Austin; Florida State University; and the University of California, Berkeley, among many others. The majority of ACC’s properties are high-quality, purpose-built student housing assets located within walking distance of their respective university campuses, with approximately 24 percent of ACC’s communities located on campus.
“Through our IPO, 18 years ago, we began our pioneering quest to transform the student housing sector into a mainstream i