FLAGSTAFF, AZ-Based on the success of its 550-bed project dubbed the Suites, American Campus Communities Inc. has launched construction on a $19.3 million second phase. The new project, a 328-bed residence hall, will serve Northern Arizona University and is anticipated to open for occupancy in August 2014.

The Suites' first phase is at 300 E. McConnell Dr., and was fully leased by April in its initial occupancy during 2012. Phase two is being undertaken by the American Campus Equity program, also known as ACE. ACE consists of a partnership between American Campus Communities and a college or university, in which ACC has direct ownership of a student housing project from development to management. In addition to owning and operating The Suites' phase one, American Campus also owns and operates Hilltop Townhomes.

"We are pleased to partner with Northern Arizona University once again as we expand The Suites community to provide much needed housing for its students,” says Jamie Wilhelm, American Campus executive vice president of public-private partnerships. “Our ACE investments at NAU represent excellent examples of how private equity investment in on-campus housing can assist universities in meeting growing demand in an expeditious manner without any negative impacts to their balance sheet.”