INDIANAPOLIS--(BUSINESS WIRE)--American Campus Communities (NYSE: ACC), the nation’s largest owner, manager and developer of high-quality student housing properties in the U.S., celebrated the commencement of construction on a new student housing facility at Butler University in Indianapolis, IN with a beam signing event.
Upon completion in fall 2018, the 648-bed community will be located on the southern border of the Butler campus, creating a welcoming gateway into the heart of campus. The community will feature modern, suite-style accommodations, resources for academic success and state-of-the-art amenities for fitness and fun, including a fitness center, gaming lounges and more.
“President Danko has a vision for an unmatched residential experience on the Butler University campus,” said Jamie Wilhelm, EVP Public-Private Transactions. “Fairview House was delivered as the first phase of the Butler-ACC partnership in Fall 2016 and has already received two awards for excellence in design and sustainability. We’re excited for this second phase to provide the University’s first-year students with a modern, academically oriented residence community and expand Butler’s extraordinary housing portfolio.”
The community will be the second phase in the Butler University-American Campus Communities partnership, which delivered Fairview House in Fall 2016. The partnership got its start in 2014 with a goal to realize Butler’s 2020 Vision of becoming an innovative national leader in undergraduate residential education.
“The addition of this new facility is a critical step toward advancing Butler’s educational mission through superior campus amenities, and the ultimate realization of Butler’s 2020 Vision as an innovative national leader in undergraduate residential education,” Butler President James M. Danko said in the University’s press release for the event. “By the time this new housing opens, we will have added almost 1,300 new beds to campus in two years and given prospective students yet another reason to choose Butler.”
The public-private partnership transaction was structured under the American Campus Equity (ACE)® program, which gives universities the opportunity to expand and modernize their student housing portfolio without the use of university financial resources. Under the ACE program, ACC delivers high-quality student housing at lower development costs and operating expenses, as well as affordable rents to residents, without the use of taxpayer or university funds, which allows universities to dedicate their capital to educational and research facilities.
“By working with ACC, we are able to concentrate on our core mission: educating our students,” Butler Vice President of Finance and Administration Bruce Arick said. “ACC’s investment allows Butler to focus and prioritize resources toward the development of new, state-of-the-art academic space to better serve students. We have hundreds of millions of dollars of construction and development that we’ve prioritized for the sciences, a new school of business building, and more. We couldn’t afford to do those projects and invest in our student housing.”
The event was held on the Butler University campus, and featured a beam signing – University students, faculty, staff and alumni were invited to sign a structural beam that will be used in the construction of the project.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager and developer 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. As of March 31, 2017, American Campus Communities owned 157 student housing properties containing approximately 97,500 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 194 properties with approximately 127,200 beds. Visit www.americancampus.com.
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.