American Campus (ACC) Begins Berkeley University Project
Zacks Investment Research | Nov 18, 2016 05:35AM ET
Student housing REIT American Campus Communities (NYSE:ACC) has been making good strides of late. The company, which recently announced its sale of $508 million of non-core portfolio, has made an announcement of ground breaking on a student housing project in association with the University of California - Berkeley.
Specifically, the company is slated to come up with a 781-bed community on the southern side of the University’s main campus. It would be near to university facilities, across from Haas Pavilion and is likely to house first-year students. The project would have eight stories of modern student accommodations, together with amenity space and around 7,000 square feet of urban retail space on the ground floor. It is set to open in the fall of 2018.
Unlike residential REITs like AvalonBay Communities, Inc. (NYSE:AVB) and Equity Residential (NYSE:EQR) , whose rental units are open for leasing to all, student housing REITs such as American Campus Communities and EdR (NYSE:EDR) lease their real estates to students. Hence, such real estates are generally required to be set up in places in close proximity to colleges and universities.
Moreover, enrolment growth ends up being a major driver for student housing assets. In fact, with a higher education earnings gap – .
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