BOSTON--(BUSINESS WIRE)--Northeastern University administration, American Campus Communities (NYSE: ACC), City of Boston officials, members of the Roxbury, Mission Hill and Fenway neighborhoods, the project development team and Boston workers joined together yesterday in a topping out and beam signing ceremony to celebrate the structural completion milestone on the 825-bed, on-campus, modern student apartment community. This project represents the first successful project to begin construction in the city of Boston under the Mayor Martin J. Walsh’s initiative Housing A Changing City: 2030 that includes the improvement of student housing throughout the city.
In 2014, the City of Boston outlined an initiative that includes improving the quality and quantity of student housing for Boston college and university students that will in turn open up existing housing currently occupied by students for the Boston workforce. The goal is to create 16,000 new undergraduate student dorm beds, reducing the number of students living off-campus in Boston by 50 percent. The public-private partnership between Northeastern University and American Campus Communities is an important step in the realization of this goal.
“I want to thank Northeastern and American Campus Communities for living up to our challenge to create more housing for students in Boston,” said Mayor Martin J. Walsh. “When complete, this new dorm will provide students with quality living spaces, while returning important housing stock to the private market for Boston residents. Working with our partners in academia we are confident that we will be able to keep the dialogue open and build more dorms for undergraduate and graduate students alike.”
Upon its delivery in Fall 2019, the $153.4 million community will be located on the Northeastern University campus. The community will feature nearly 12,000 square feet of interior amenity and common area space, including social and recreational lounges, a state-of-the-art fitness center, Academic Success Center, and 2,200 square feet of vibrant retail. The design and development process included student focus groups and robust community involvement to ensure all stakeholders had input to facilitate project success.
“This is a project that is opening our community and our university to innovation, to education, and to jobs. And that is why we are very happy and why we are excited,” said Northeastern President Joseph E. Aoun. “The building is not the destination, the people are the destination, and the people in our community are going to benefit tremendously from this.”
Northeastern is a global research university that pushes learning and discovery far beyond the boundaries of classroom and campus. The university is the recognized leader in experiential learning, powered by the world’s most far-reaching and innovative cooperative education program, offering students opportunities for professional work, research, service, and global learning with more than 3,000 employers in 136 countries.
“As the first developer-led student housing project in the city of Boston, we’re excited to work with Northeastern University, one of the nation’s most prestigious universities, in support of Boston’s leadership to address the need for live-learn, purpose-built residential environments for students,” said Bill Bayless, American Campus Communities CEO. “This student community marks the beginning of what we hope will be a highly successful partnership, and a true win for Northeastern University, its students and the City of Boston.”
The 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.
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 September 30, 2017, American Campus Communities owned 166 student housing properties containing approximately 102,500 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 204 properties with approximately 131,300 beds. Visit www.americancampus.com.
In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.