AUSTIN, TX-American Campus Communities Inc. hasestablished a foothold with two major East Coast universities,Drexel University in Philadelphia and Princeton University in NewJersey. The student housing REIT made the announcement as part ofits second quarter earnings results.

Drexel University selected ACC to develop a $90-million,mixed-use development using the REIT’s American Campus Equityprogram. The project, which will contain about 850 beds, 26,600square feet of retail space and a 265-space commercial parkinggarage, is expected to break ground during the first quarter 2012and is scheduled for completion in August 2013.

Meanwhile, Princeton University chose ACC to serve asthird-party developer for an on-campus student housing project. Forseveral months, the REIT had been working with the university todetermine whether the project would be funded through ACC’s equityprogram or university capital.