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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.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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