Blackstone acquired American Campus Communities, Inc. for Approximately $12.8 billion ($65.47 per fully diluted share in cash, including assumed debt), a transaction completed in August 2022, structured as All cash (Blackstone Core+ vehicles — primarily BREIT, alongside Blackstone Property Partners).
American Campus Communities, Inc. operates in Real estate — student housing (REIT take-private), is based in Austin, Texas, USA (166 owned properties across 71 university markets).
ACC was the largest U.S. developer, owner and manager of student housing, a sector with strong historical performance and growth driven by rising enrollment at top universities and a shortage of quality supply; Blackstone's perpetual capital would fund investment in existing assets and new development.
American Campus Communities has a best-in-class portfolio and platform, built on longstanding relationships with some of the most distinguished and fastest growing universities in the country. Our perpetual capital will enable ACC to invest in its existing assets and create much-needed new housing in university markets.Jacob Werner, Co-Head of Americas Acquisitions, Blackstone Real Estate
Advisory firms were not disclosed for this transaction.