IRVINE, CA-The University of California at Irvine has named Austin, TX-based American Campus Communities Inc. to begin planning for the development of up to 4,000 on-campus beds in an expansion of the existing 10,500 beds at the university to 14,500 beds. UCI, which serves approximately 25,000 students, will target the US Green Building Council's LEED silver or higher certified rating for the new buildings.
The development of the student housing will occur in phases on up to five separate land parcels on the East Campus of UCI. Preparations for the development such as planning for the financing, housing product types, construction phasing and management are already under way, with the first phase of construction expected to begin in 2008.
The university expects to structure the majority of the development with American Campus providing third-party development and management services, but UCI is considering equity investment by American Campus for limited portions of the overall development. The project will continue an ongoing relationship between the company and the university, where American has already completed the 3,000-bed Vista del Campo and Vista del Campo Norte projects on the UCI campus.
According to Bill Bayless, American Campus president and CEO, the combination of the beds that will be created through this project and the previously completed UCI projects by American Campus represent one of the largest public/private partnerships in the student housing industry. Manuel Gomez, UC Irvine vice chancellor for student affairs, says the new housing will be designed to meet the university's goal of providing living spaces that are "both affordable and green."
Publicly held American Campus Communities is a REIT and one of the largest developers, owners and managers of student housing in the US. The company owns and manages a portfolio of 43 student housing complexes comprising approximately 26,800 beds. Including its owned properties, the it provides management and leasing services at a total of 56 properties, representing approximately 35,600 beds located on or near college and university campuses.
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