American Campus Communities, Inc. (ACC) is the largest developer, owner and manager of student housing communities in the United States.[2] It is headquartered in Bee Cave, Texas, with an Austin postal address.[3]
Co-founded in 1993 by CEO Bill Bayless, the company works with universities to develop, manage and finance on-campus and near-campus communities. As of March 31, 2021, the company owned 166 student housing properties with approximately 111,900 beds, including its owned and third-party managed properties. ACC's total managed portfolio consists of 207 properties with approximately 142,400 beds. [1]
In 1996, Prairie View A&M University became the company's first university partner with the development of on campus, University Village. ACC developed housing for more than 2,000 students over the next two years.[4]
In 1997, Bayless bought out his partners and in 1999, ACC developed its first off-campus residence, the Callaway House College Station at Texas A&M University for first‑year students.[5]
In 2005, the company worked with Arizona State University (ASU) on the Vista del Sol community, to pioneer the American Campus Equity program, an ownership model for on-campus student housing. With ACE, ACC brings equity to a project and serves as the university's financial, development and operating partner.[7] In 2008, the company acquired the student housing division of GMH Communities Trust in a $1.4 billion transaction, doubling the size of the company.[8]
In 2011, the company received $132 million contract to build a 1,008-bed student housing complex at Northern Illinois University.[9] In 2013, ACC entered the Ivy League with Princeton's Merwick Stanworth faculty and staff housing community was its first project at an Ivy League university.[10] It later expanded its partnership to develop and manage Princeton graduate student housing.[11]
ASU's Manzanita Hall, became ACC's first redevelopment, reconfiguring the dilapidated 1960s high rise into a modern layout that promotes academic performance, collaboration and community.[12] In 2016, ACC broke ground on its 100th development, U Club Sunnyside at WVU, CEO Bill Bayless’ alma mater.[13] In 2017, ASU opened the Tooker House, the largest engineering residential college. This marked the sixth phase of the ASU partnership and 33rd LEED certified building.[14]
In 2018, ACC began construction on an approximately $615 million residential community for participants of the Disney College program, now known as Disney Internships & Programs, through an American Campus Equity translation.[15] In 2019, American Campus Communities joined Northeastern University and the city of Boston to open the 20-story residential tower, LightView,[16] as part of the “Housing A Changing City: Boston 2030” initiative to improve the quality and quantity of housing for students attending Boston institutions of higher education.[17]
In 2020, ACC collaborated with RB, the makers of Lysol, to set a formalized approach to cleanliness and disinfection at its student housing communities in response to the COVID-19 pandemic.[18]
On April 19, 2022, ACC announced that it was acquired by The Blackstone Group for $12.8 billion and would be going private (shareholders will be paid $65.47 cash per share). The acquisition was completed in August 2022.[19]
Achieved Investment Grade Rating from Moody's and Standard & Poor's [22]
CEO Bill Bayless was the Regional Winner of the Ernst and Young Entrepreneur of the Year award, and was subsequently named as a National Finalist (2007) [23]
National Association of Home Builders (2013) Development Firm of the Year [24]
Forbes “America's 100 Most Trustworthy” companies list (2012 & 2013) [25]
In 2015, CEO Bill Bayless was featured by Commercial Property Executive as one of commercial real estate's Most Innovative Executives [26]
Texas Monthly magazine named American Campus Communities one of the “Best Companies to Work For” on three separate occasions [27]
Student Housing Business 5 INNOVATOR Awards (2016) [28]
Student Housing Business 8 INNOVATOR Awards (2015) [29]
Texan by Nature 20 (TxN20) Honoree, an official ranking of the Top 20 Texas-based companies leading conservation and sustainability in 2019 and 2020 [30][31]
National Association of Home Builders Pillars of the Industry Award: Best in Green Market Rate Multifamily Community for Plaza Verde at University of California, Irvine in 2019 [32]
Great Place to Work Certification based on employees’ feedback on the Trust Index™ Survey administered by Great Place to Work for 2020 [33]
Globe St. CRE Best Bosses Awarded to CEO Bill Bayless in 2020 [34]
Partnerships
American Campus Communities and the mental health non profit, Hi, How Are You Project, aim to tackle issues of mental health among U.S. college students through a residence life training and awareness program at more than 70 universities across the country.[35]
Criticism
American Campus Communities' operation has seen criticism from tenants. In recent years, a series of incidents and complaints have emerged concerning American Campus Communities properties in the U-District. Tenants reported instances of unauthorized entries into their units, breaching rental laws, and disputed rules, such as pet bans and relocation notices. While American Campus Communities denied intentional demographic changes, tenants expressed concerns over the company's management practices, leading to the formation of a tenant association and intervention by the University of Washington. Despite efforts to address grievances and amend lease provisions, ongoing tensions persist between residents and ACC, underscoring challenges in maintaining a living environment.[36]
In December 2014, an incident occurred when University of Missouri student Jack Lipp fell from a balcony during a party due to a defective railing, resulting in his passing. The property, owned by Ginger C, LLC, was slated for demolition by American Campus Communities to make room for a student housing complex. Subsequently, John and Stephanie Lipp, Jack's parents, filed a wrongful death lawsuit against multiple entities. After reaching a settlement, the Lipps secured a $5 million settlement with American Campus Communities, Ginger C, and Roland Management, approved by Judge Nanette K. Laughrey in April 2017.[37][38]
In a settlement reached in 2018, U.S. District Judge John Ross resolved a federal class action lawsuit alleging deceptive marketing practices from American Campus Communities. Filed by Brian Fellows and other students, the suit alleged that ACC falsely advertised monthly lease rates based on 12 full months while signing 11-and-a-half-month leases. The company agreed to pay $444,775, with $275,000 allocated to a class benefit fund, providing approximately $322.77 to each of the 852 claimants. American Campus Communities adjusted its advertising practices following the lawsuit's filing, substituting "monthly" with "installment" payments. Eligible tenants who signed leases between November 1, 2012, and November 15, 2016, were invited to participate in the class action suit.[39][40][41]
In February 2022, a civil lawsuit was filed against the West Virginia University Board of Governors and American Campus Communities, alleging negligence and wrongful death following the murder of student Eric J. Smith in February 2020. Smith was shot by two non-resident intruders, Terrell Linear and Shaundarius T. Reeder, who had gained unauthorized access to the building.[42]
In early 2023, the University Area Commission in Columbus, Ohio, rejected a proposed 8-story student apartment complex on Lane Avenue and High Street, following public opposition. The project, pitched by American Campus Communities, aimed to construct an 88-foot building with 560 beds. Commissioners expressed concerns about the proposed building's height and its impact on the neighborhood's historical two-story storefronts, leading to a vote of 11-4 against the project. American Campus Communities indicated intentions to revise the proposal based on the feedback received.[43]
American Campus Communities has faced significant and vocal criticism for exploiting rising housing prices in vulnerable college town markets, leading to accusations of price gouging. Its corporate practice of locking students into year-long leases with exorbitant fees to sublease, make it clear that ACC is only or a specific economic demographic. These agreements make it challenging for those who only need housing for part of the year or who experience changes in their academic or personal circumstances. As a result, over 68% of tenants do not renew for a second year. [44][45]
Additionally, several of these properties have been reported to suffer from mechanical defects and poor construction quality. For instance, residents of Hub Ann Arbor have reported issues such as malfunctioning elevators, inadequate heating and cooling systems, and subpar maintenance responses.[46][47] Additionally, tenants at the site claimed that ACC exaggerated the existence of some amenities, such as sauna and a broken rooftop hot tub. These problems contribute to a negative living experience, further exacerbating the financial burden on students who often pay premium prices for what they expect to be high-quality accommodations.[48]
Related Research Articles
Eviction is the removal of a tenant from rental property by the landlord. In some jurisdictions it may also involve the removal of persons from premises that were foreclosed by a mortgagee.
Austin College is a private liberal arts college affiliated with the Presbyterian Church (USA) and located in Sherman, Texas.
Arizona State University at the West Valley campus is a public university in Phoenix, Arizona. It is one of five university campuses that compose Arizona State University (ASU). The West Valley campus was established by the Arizona Legislature in 1984, and is located in northwest Phoenix, bordering the city of Glendale.
A student housing cooperative, also known as co-operative housing, is a housing cooperative for student members. Members live in alternative cooperative housing that they personally own and maintain. These houses are designed to lower housing costs while providing an educational and community environment for students to live and grow in. They are, in general, nonprofit, communal, and self-governing, with students pooling their monetary and personal resources to create a community style home. Many student housing cooperatives share operation and governing of the house. As with most cooperatives, student housing coops follow the Rochdale Principles and promote collaboration and community work done by the members for mutual benefit.
The Domain is a high-density office, retail, and residential center in northwest Austin, Texas, United States that has been described as being "Austin's second downtown." It primarily consists of 5-over-1 construction. The initial phase of the project was completed in March 2007.
Dobie Center, named after J. Frank Dobie, is a formerly privately-owned 27-story residence hall located on the University of Texas at Austin campus. On October 12, 2021, the University of Texas announced it was purchasing the center to provide additional school-owned housing near campus for its students. In addition to being a residence for students, Dobie contains a two-story mall, restaurants, and specialty stores.
The Drag is a nickname for a portion of Guadalupe Street that runs along the western edge of the University of Texas campus in Austin, Texas.
Park Point at RIT is an apartment complex and commercial enterprise on the northeast corner of Rochester Institute of Technology's campus in Rochester, New York. The property was initially being leased to Wilmorite Properties, until it was bought by American Campus Communities in 2013.
Columbia Point, in the Dorchester neighborhood of Boston, Massachusetts, sits on a peninsula jutting out from the mainland of eastern Dorchester into the bay. Old Harbor Park is on the north side, adjacent to Old Harbor, part of Dorchester Bay. The peninsula is primarily occupied by Harbor Point, the University of Massachusetts Boston, the John F. Kennedy Presidential Library and Museum, the Edward M. Kennedy Institute for the United States Senate, and a complex at the former Bayside Expo Center, Boston College High School, and the Massachusetts Archives. The Boston Harborwalk follows the entire coastline.
West Campus is a neighborhood in central Austin, Texas west of Guadalupe Street and its namesake, the University of Texas at Austin. Due to its proximity to the university, West Campus is heavily populated by college students.
Highland Mall was a shopping mall located in north Austin, Texas, United States, on Airport Boulevard west of I-35 and north of US Route 290. Opened in 1971, Highland Mall was Austin's first suburban shopping mall. Highland Mall was jointly owned by General Growth and Simon Property Group until 2011. On April 29, 2015, Highland Mall officially closed its doors; the space has since been repurposed primarily as a campus for Austin Community College.
The Port Authority of San Antonio is a public entity created to redevelop some of the land formerly occupied by Kelly Air Force Base in San Antonio, Texas.
East Riverside-Oltorf is a neighborhood in Austin, Texas, located southeast of the city's urban core. The East Riverside, Parker Lane, and Pleasant Valley neighborhoods together form the East Riverside-Oltorf Combined Neighborhood Planning Area. The region is bounded on the north by Lake Lady Bird, to the east by Grove Boulevard and the Montopolis neighborhood, Texas State Highway 71 to the south, and Interstate 35 and South River City to the west.
Jeff Wilson is an American academic and serial startup entrepreneur. The pseudonym Professor Dumpster is based upon his role as part of 'The Dumpster Project', an educational and minimalist living experiment that transformed a trash dumpster into a fully sustainable home. Wilson lived in the dumpster over the course of the yearlong project.
The history of African Americans in Austin dates back to 1839, when the first African American, Mahala Murchison, arrived. By the 1860s, several communities were established by freedmen that later became incorporated into the city proper. The relative share of Austin's African-American population has steadily declined since its peak in the late 20th century.
Alazán-Apache Courts is a public housing community in San Antonio. The neighborhood is located on the city's West Side, and was built in 1939. It was the first public housing built in the city and is currently made up of three different properties: Alazán, Apache and Guadalupe Homes. It is also one of the first public housing projects in the United States and originally served a predominantly Mexican-American neighborhood.
Greystar Real Estate Partners is an international real estate developer and manager based in the United States. As of 2023, Greystar had over $76 billion in gross assets under management, and operated in 17 countries.
The Ion District, Ion Innovation District, or Rice Innovation District, is a technology park and innovation district in Midtown Houston which was established as a joint initiative between Rice University and the City of Houston. It has also been called the South Main Innovation District. The district's central hub and first building is the Ion, which opened in 2021 after owner Rice Management Company (RMC) converted it from a former Sears store. The building houses coworking and office spaces, business incubators and accelerators, classrooms, a prototyping lab, investor studio, and restaurants. Current tenants include Chevron Technology Ventures and Microsoft. The district also includes Greentown Labs Houston, a business incubator focused on climate technology and sustainable energy, and a large outdoor plaza.
↑ "Contact Us". American Campus Communities. Retrieved 2022-03-28. 12700 Hill Country Boulevard Suite T-200 Austin, Texas 78738 - Compare with the city limits map of Bee Cave, Texas. The address is not in the Austin city limits, but in fact is in Bee Cave.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
US$942 million (2021)
US$35 million (2021)
