AUSTIN, TX-As part of its aggressive development strategy, American Campus Communities Inc. has begun construction on four owned projects with a combined development cost of $156.6 million.
The projects, which contain 3,249 beds, are located in Arizona, New Mexico and Texas. They are slated for completion and occupancy in fall 2012, according to the student housing REIT.
"Each of the projects is differentiated to create a competitive advantage in their respective market and is located either on or pedestrian to campus in a submarket with barriers to entry,” says ACC CEO Bill Bayless. “We’ve also taken advantage of a favorable construction market that has enabled us to offer students affordable price points that provides us the opportunity for meaningful rental rate growth in future years."
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