FLAGSTAFF, Ariz.--(BUSINESS WIRE)--American Campus Communities (NYSE:ACC), the nation’s largest owner, developer and manager of high-quality student housing, broke ground on Tuesday, March 29 on their fourth student housing transaction with Northern Arizona University. Upon its opening in Fall 2017, the 284,982-square-foot residential community will house 626 students in 163 units.
The groundbreaking event was held at the International Pavilion on the NAU campus and was attended by representatives from both the University and ACC. President Rita Cheng of NAU and CEO Bill Bayless of ACC gave remarks at the reception, which was followed by a groundbreaking ceremony on the property site.
The property, to be named SkyView, will feature 3-, 4-, and 5-story buildings with spacious flat and townhome floor plans available in 4-bedroom, 4-bathroom; 3-bedroom, 3-bathroom; 2-bedroom, 2-bathroom; and 2-bedroom, 2.5-bathroom units. An on-site parking garage will also be provided to residents, along with 2,800 square feet of convenient student retail.
A 2-story, 12,602-square-foot community center will be provided to residents and will feature academic amenities including private study rooms, a quiet study loft and Academic Success Center. The community center will also feature a large community plaza with fire pit, active gaming and lounge areas, and mail and leasing services.
Amenities that support a fit and healthy lifestyle will include a two-story fitness center with storage lockers and ample bike parking. The residence facility will be located in the heart of campus on Runke Drive, providing residents with the option to walk or bike to class.
The SkyView transaction was structured under ACC’s American Campus Equity (ACE®) program, which gives universities the opportunity to expand their student housing portfolio while taking on the least amount of risk. Under the ACE program, no university financial resources are used, allowing universities to dedicate their capital to educational and research facilities, while ACC delivers lower development costs and operating expenses, lower rents to residents, without the use of taxpayer funds.
"We must ensure our students have the academic facilities and support services they need to be successful in a global workforce, and their educational experience is our first priority," Cheng said. "Our housing partnership with ACC allows us to also keep pace with needs for on-campus housing, while focusing the university’s funding where it should be—on student success."
“We’re excited to further the NAU-ACC partnership with the development of SkyView,” said Bill Bayless, ACC CEO. “President Cheng’s dedication to creating a strong student housing portfolio has resulted in a rewarding and successful partnership that creates an extraordinary college living experience for NAU students.”
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 December 31, 2015, American Campus Communities owned 162 student housing properties containing approximately 99,400 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 201 properties with approximately 128,900 beds. Visit www.americancampus.com.
Northern Arizona University is a high-research university with a statewide enrollment of 28,000 students. More than 20,000 students attend the residential campus in Flagstaff, with 8,000 students enrolled online and at Extended Campus sites statewide. With nearly 100 majors to choose from and many nationally ranked programs, NAU offers a more personal educational experience and more interaction with professors. Research in genetics, forestry and ecology has drawn international recognition to the university, which also is highly regarded for its education, business and engineering programs. NAU launched competency-based Personalized Learning in 2013, the first self-paced, online education program that cuts the cost and time to an undergraduate degree.
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.