ACC Inks Development Deals with Drexel, Princeton

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

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