Jackson Walker successfully represented American Campus Communities (NYSE: ACC) in connection with a transaction to secure two under-construction development projects located adjacent to the Clemson University and University of Oklahoma campuses.
The transaction was negotiated as part of the announced $1.4 billion sale of University House Communities Group, Inc., a leading U.S. student housing portfolio, by InvenTrust Properties Corp., a public REIT based in Chicago, to subsidiaries of Scion Student Communities, LP, a joint venture of The Scion Group, the Canada Pension Plan Investment Board and GIC, a Singapore-based sovereign wealth investor.
The transaction closed on June 21, 2016. Upon delivery, the projects secured by ACC, which represent a total development budget of $130.6 million, will include a combined 1,333 beds of modern purpose-built accommodations and competitive amenities.
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 experience in the design, finance, development, construction management and operational management of student housing properties. As of June 30, 2016, American Campus Communities owned 168 student housing properties containing approximately 103,200 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consisted of 206 properties with approximately 133,100 beds.
Jackson Walker’s real estate, corporate and private equity groups have extensive experience structuring and executing complex direct and indirect acquisitions and dispositions of real estate assets and related legal entities. The firm’s clients include fund sponsors, investment managers, real estate investment trusts, operating companies and high net worth individuals, among others. We routinely assist our clients with a diverse array of property types, including student housing, multifamily, retail, office, medical office, hotel and leisure properties, industrial facilities and mixed-use assets.