American Campus Communities Begins Construction on Owned Faculty and Staff Housing Project for Princeton University

  American Campus Communities Begins Construction on Owned Faculty and Staff
  Housing Project for Princeton University

Business Wire

AUSTIN, Texas -- May 9, 2013

American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and
developer of high-quality student housing properties in the U.S., today
announced that it has commenced construction on the first phase of an owned
faculty and staff housing project for Princeton University.

Front facade of Princeton's Merwick Stanworth townhome and apartment community
(Photo: Business Wire ...

Front facade of Princeton's Merwick Stanworth townhome and apartment community
(Photo: Business Wire)

The development was structured via the American Campus Equity (ACE®) program
under which the company will develop, own and manage the project through a
70-year ground lease structure.

“We are honored to help deliver premier housing for Princeton facultyand
staff,” said BillBayless, American Campus CEO. “By providing an affordable
housing option withupdated amenities and located in a vibrant neighborhood
convenient to campus, this community will be a wonderful place to live.”

The Merwick-Stanworth site, which will consist of 325 units with 593 beds, is
situated on two contiguous University owned sites approximately 0.45 miles
north of the main University campus and pedestrian to Palmer Square, a vibrant
retail, dining and entertainment district in the heart of Princeton. The new
community, currently tracking LEED™ (Leadership in Energy and Environmental
Design) Silver certification, is intended to serve and house primarily faculty
and staff members in a mix of one-, two-, and three- bedroom apartment and
townhome units. The project will open in a phased delivery with 127 units
slated for Summer 2014 occupancy, followed by 198 units with occupancy
expected to begin in the latter half of 2015 and will be complete by the
summer of 2016.

About American Campus Communities

American Campus Communities, Inc. is the largest owner and manager of
high-quality student housing communities in the United States. The company is
a fully integrated, self-managed and self-administered equity real estate
investment trust (REIT) with expertise in the design, finance, development,
construction management, and operational management of student housing
properties. American Campus Communities owns 160 student housing properties
containing approximately 98,800 beds. Including its owned and third-party
managed properties, ACC’s total managed portfolio consists of 191 properties
with approximately 122,800 beds.

Forward-Looking Statements

In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These statements
are based on current expectations, estimates and projections about the
industry and markets in which American Campus operates, management's beliefs,
and assumptions made by management. Forward-looking statements are not
guarantees of future performance and involve certain risks and uncertainties,
which are difficult to predict.

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Multimedia
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Contact:

American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000
Public Relations
 
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