AUSTIN, TX-Kayne Anderson Capital Advisors LP has sold 19 student housing assets to American Campus Communities Inc. for $862.8 million. The portfolio comprises 12,049 beds of which 366 beds are currently being developed. The acquisition consideration comprises the assumption of roughly $466.6 million in cash and $396.2 million of outstanding mortgage loan. The acquisition deal for existing properties is slated for completion in Q4 2012 and for development properties in Q3 2013.
American Campus plans to upgrade the properties through a $12.3 million investment. For the full story, go to Austin Business Journal .
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