Exterior of student housing property The James in Madison, WI is slated for delivery in the fall semester.

AUSTIN, TX—American Campus Communities Inc. said Monday it had agreed to recapitalize and ultimately acquire a portfolio from affiliates of Core Spaces and DRW Real Estate Investments. The $590.6-million deal encompasses four existing student housing properties—two of which are slated to open this fall—and three that are under development, and includes an exclusive option for ACC to acquire a 248-bed property in Seattle. It comprises roughly a third of Core Spaces’ current portfolio of existing and development properties.