Bayless says acquisition opportunities are flowing from a variety of sources including marketed properties and direct negotiations with owners. He adds that ACC also is working with banks that have taken back distressed properties.

"We expect there to be significant external growth opportunities," Bayless says, adding that the growth will occur in every area of the REIT's business including acquisitions, off-campus development and American Campus Equity (ACE®) projects.

During the first quarter, ACC acquired University Heights, a 528-bed, off-campus property at the University of Alabama at Birmingham for $9.9 million--the value of the property's mortgage indebtedness.