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American Campus Communities to develop 6,000-bed student-housing project

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American Campus Communities to develop 6,000-bed student-housing project

During the 2017 fourth quarter, American Campus Communities Inc. was awarded the contract to develop a 6,000-bed on-campus student-housing project at the University of California, Riverside.

The project, which American Campus called the largest third-party development of its kind in U.S. history, will begin with a first-phase development of the 760-bed Dundee Residence Hall and the 830-seat Glasgow Dining Hall. The student housing real estate investment trust expects to earn $4.7 million in development fees for this phase, which is set to begin later in 2018 and be delivered in fall 2020.

The second phase of the project will begin in early 2019 and deliver approximately 1,500 beds in fall 2021. American Campus expects to earn $8.0 million in development fees for this phase. The company will provide joint management services to the communities when they open.

Also during the quarter, American Campus was awarded a third-party development contract for a 620-bed project on the campus of Delaware State University. The company expects to earn $2.5 million in development fees for the project, which it expects to manage upon completion.

Finally, American Campus executed a $36.7 million presale agreement for a 340-bed pedestrian development for students at Florida State University. When it opens in fall 2019, the project, Stadium Centre Phase IV, will be incorporated into the company's five existing Stadium Centre properties, which will operate as a single entity.