American Campus Communities and University of California, Berkeley Break Ground on Student Housing Project
BERKELEY, Calif.--(BUSINESS WIRE)-- American Campus Communities (NYSE: ACC), the nation’s largest owner, developer and manager of high-quality student housing, announced today the commencement of construction on University of California, Berkeley’s newest residence hall, set to open in Fall 2018.
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American Campus Communities and University of California, Berkeley break ground on student housing project (Photo: Business Wire)
The 781-bed community will be located on the south side of the University’s main campus, adjacent to university facilities and directly across from Haas Pavilion and the newly renovated Student Union. The development, expected to house first-year students, will feature eight stories of modern student accommodations, amenity space and approximately 7,000 square feet of urban retail space on the ground floor. An 11,000 square foot community center will include an Academic Success Center, state-of-the-art fitness center, and modern student and gaming lounges. In addition, the project will include 5,000 square feet of integrated space owned by Stiles Hall, a not-for-profit student service group associated with the University, which was located on the existing site.
With more than 38,000 students enrolled in the fall of 2015, UC Berkeley is currently ranked as the top public school in the country by U.S. News and World Report.
“The University is excited to be moving ahead with this critical student housing project,” said Rajiv Parikh, Associate Vice Chancellor Real Estate at UC Berkeley. “We look forward to being able to offer first-year students a place to live right across the street from campus and are pleased that the new facility includes space for Stiles Hall, a terrific community organization that has done great work with Berkeley students for decades, as well as retail that will support the campus.”
The public-private partnership transaction was structured under the American Campus Equity (ACE)® program, which gives universities the opportunity to expand and modernize their student housing portfolio without the use of university financial resources. Under the ACE program, ACC delivers high-quality student housing at lower development costs and operating expenses as well as affordable rents to residents, without the use of taxpayer or university funds, which allows universities to dedicate their capital to educational and research facilities.
In addition to affordability, sustainability was a driving initiative in the design process with the community targeting LEED® Gold designation by the US Green Building Council. Features include outdoor courtyards for student gathering that incorporate sustainable landscaping to treat rainwater runoff, reducing water usage by 50 percent and heat island effect by 50 percent. The residence hall design also outperformed California Title 24 building code requirements for whole building performance target energy usage by 25 percent.
“Working in partnership with such a prestigious university as UC Berkeley, currently ranked as the number one public university in the nation, to deliver their vision for modern accommodations is an incredible honor for ACC,” said James Wilhelm, EVP Public-Private Partnerships. “The development of this student community has been a collaborative approach to address the specific needs of Berkeley students for an on-campus residential experience that promotes academic success at affordable rental rates. We look forward to a positive long-term relationship with UC Berkeley.”
About UC Berkeley
UC Berkeley is internationally renowned for excellence and pioneering achievements across all disciplines. The University of California was chartered in 1868 with Berkeley as its flagship campus. Today the world's premier public university and a wellspring of innovation, Berkeley occupies a 1,232-acre campus with a sylvan 178-acre central core. From this home its academic community makes key contributions to the economic and social well-being of the Bay Area, California, and the nation.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager and developer 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. As of September 30, 2016, American Campus Communities owned 170 student housing properties containing approximately 105,300 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 205 properties with approximately 133,600 beds. Visit www.americancampus.com.
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.
American Campus Communities, Inc.
Gina Cowart, 512-732-1000
Source: American Campus Communities