American Campus Tracking $500M in Acquisitions

AUSTIN, TX-American Campus Communities Inc. (ACC) currently is evaluating or underwriting roughly $500 million in acquisition opportunities, according to CEO Bill Bayless. He made the announcement during the student housing REIT’s first quarter 2010 earnings call today.

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.