Breaking NewsGlobeSt.com will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.