AUSTIN, TX-American Cafimpus Communities Inc. has grown its business by investing about $391 million in a joint venture buyout and two new owned development projects. Additionally, the student housing REIT has broken ground on a third-party development project.

ACC has inked an agreement to buy the full ownership interests in 14 student housing properties for roughly $314 million, according to Daniel Perry, senior vice president of capital markets for the REIT. The properties, which contain 8,534 beds, are currently owned in two joint ventures managed by Fidelity Real Estate Group. Two of the existing joint venture properties are not included in the acquisition and will remain in the existing joint venture.

ACC currently owns a 10% interest in the properties, which have an estimated value of $348.9 million. The REIT will acquire Fidelity’s 90% interest in the 14 properties with a combination of $89.1 million in cash and $252.2 million in debt, Perry tells GlobeSt.