ACC COMPLETES $627M STUDENT HOUSING PORTFOLIO PURCHASE

AUSTIN — Austin-based American Campus Communities has closed the previously announced $627 million acquisition of Campus Acquisitions' 15 student housing properties totaling 6,579 beds. The purchase consists of approximately $231.1 million of outstanding mortgage debt, the issuance of 325,098 operating partnership units valued at $46.14 per unit and approximately $380.9 million in cash. The properties include the 121-bed Vintage West Campus, the 190-bed Texan West Campus and the 623-bed The Castilian, all serving students at the University of Texas-Austin. Other Texas properties include the 315-bed Bishops Square serving students at Texas State University and the 120-bed Union serving students at Baylor University. The remaining communities serve students at the University of Illinois, Purdue University, Arizona State University, University of Southern California, University of Michigan, Iowa State University, University of Georgia and the University of South Carolina. Bank of America Merrill Lynch acted as financial adviser to ACC and UBS Investment Bank acted as financial adviser to Campus Acquisitions. Locke Lord LLP served as legal counsel to ACC.