25TWENTY IN LUBBOCK PART OF ACC'S $862.8M ACQUISITION
LUBBOCK — Austin-based American Campus Communities (ACC) has purchased 19 student housing communities across the U.S. totaling 12,049 beds for $862.8 million, including 25Twenty in Lubbock. The 562-bed community houses students from Texas Tech University. ACC's purchase consists of the assumption of $396.2 million of outstanding mortgage debt and $466.6 million in cash. The acquisition is slated to close in the fourth quarter of this year. The portfolio is currently 92.3 percent occupied for the 2012-2013 academic year. ACC is planning on replacing six different third-party managers at the close of the transaction. Affiliates of Kayne Anderson Capital Advisors are the sellers of the portfolio.