American Campus Communities Begins Construction on Owned Faculty and Staff Housing Project for Princ
American Campus Communities Begins Construction on Owned Faculty and Staff Housing Project for Princeton University
AUSTIN, Texas--(BUSINESS WIRE)-- American Campus Communities, Inc. (NYS: ACC) , the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that it has commenced construction on the first phase of an owned faculty and staff housing project for Princeton University.
Front facade of Princeton's Merwick Stanworth townhome and apartment community (Photo: Business Wire)
The development was structured via the American Campus Equity (ACE®) program under which the company will develop, own and manage the project through a 70-year ground lease structure.
"We are honored to help deliver premier housing for Princeton faculty and staff," said Bill Bayless, American Campus CEO. "By providing an affordable housing option with updated amenities and located in a vibrant neighborhood convenient to campus, this community will be a wonderful place to live."
The Merwick-Stanworth site, which will consist of 325 units with 593 beds, is situated on two contiguous University owned sites approximately 0.45 miles north of the main University campus and pedestrian to Palmer Square, a vibrant retail, dining and entertainment district in the heart of Princeton. The new community, currently tracking LEED™ (Leadership in Energy and Environmental Design) Silver certification, is intended to serve and house primarily faculty and staff members in a mix of one-, two-, and three- bedroom apartment and townhome units. The project will open in a phased delivery with 127 units slated for Summer 2014 occupancy, followed by 198 units with occupancy expected to begin in the latter half of 2015 and will be complete by the summer of 2016.
About American Campus Communities
American Campus Communities, Inc. is the largest owner and manager of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 160 student housing properties containing approximately 98,800 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consists of 191 properties with approximately 122,800 beds.
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.
American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000
KEYWORDS: United States North America New Jersey Texas
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