Student housing real estate investment trust American Campus Communities Inc. entered into a nonbinding letter of intent to lease land from Walt Disney World Resort in Lake Buena Vista, Fla., for the development of a $615 million college housing project.
Should the companies reach a definitive agreement, the project will be built to serve participants of the Disney College Program and will be developed, managed and owned by American Campus through a 75-year ground lease, with the first phase scheduled for occupancy in May 2020 and completion by May 2023.
The REIT also closed the sale of three assets to an institutional partnership for $245 million and a minority interest in another portfolio of assets to another institutional investor as part of its capital recycling program.
