American Campus Communities has formed a joint venture for the ownership of its existing eight-property Arizona State University student-housing portfolio.
Harrison Street, as part of its social infrastructure platform, acquired a 45-percent interest in the joint venture, with the company owning the majority 55-percent interest. The transaction is structured with a two-stage closing. The first stage closed on Dec. 31, 2021 and involved the contribution of three properties to the joint venture and provided the company with proceeds of $271.7 million. The second stage is expected to close in late 2022 or early 2023 and will involve the contribution of the remaining five properties for expected proceeds of $279.6 million, subject to customary closing conditions, including no material adverse changes to these properties. The transaction satisfies the company’s previously communicated capital-sourcing transactions of $200 million to $400 million in 2022 and provides for addition