AUSTIN, TX-It’s been a busy summer for American Campus Communities Inc. The student housing REIT has broken ground on new projects near Texas Tech University and University of Buffalo in Amherst, NY. The two projects, which total 1,222 beds, have a total development cost of $79.6 million.
The off-campus developments are the most recent projects the REIT has taken on. In June, ACC started construction on five projects totaling roughly more than $180 million.
In total, ACC has 13 projects currently under construction and two additional scheduled to commence this quarter. That brings the REIT’s 2011 and 2012 combined deliveries to nearly $500 million in development, according to ACC CEO Bill Bayless.
Green Street Advisors says ACC is achieving 8%-plus yields on average for its development pipeline. “ACC is one of the few names in our coverage universe that is deserving of complete investor support with respect to development,” the research firm wrote in its residential sector update report.
ACC’s project in Lubbock, TX, near Texas Tech University, will offer 612-units. Dubbed The Village at Overton Park, it is adjacent to The Shoppes at Overton Park, a student-oriented retail center. The property is designed as an urban infill community and will feature a 7,400-square-foot community center that includes a fitness center, social lounge, wireless internet caf
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