TEMPE, Ariz.--(BUSINESS WIRE)--American Campus Communities (NYSE: ACC), the nation’s largest owner, developer and manager of high-quality student housing, will break ground on Tuesday, Nov. 10, on their sixth student housing transaction with Arizona State University. Upon its opening in Fall 2017, the $120 million living/learning facility will house 1,594 students enrolled in the Ira A. Fulton Schools of Engineering, which is ranked in the top 25 percent of all engineering programs in the country. The university has more than 19,000 students studying in degree programs in the Fulton Schools of Engineering.
The property will feature E-Space, which is a 3,500-square-foot maker lab outfitted with resources that specifically cater to the needs of Fulton Schools students. This space enables individual or group student work in a convenient location where many of the students will live. At the same time, through the use of transparent materials and a ground floor location, the design of this space will showcase student work to passersby and other students as a means to expand the conversation and increase visibility around the programs.
The dining facility also has been designed with Fulton Schools of Engineering students in mind. At approximately 14,000 square feet and with seating for 500 students, the new hall’s dining facility is inspired by the native desert landscape with a nod to an industrial aesthetic, reflecting the Fulton Schools’ living/learning community. The dining hall features four food stations and a mixture of seating types, including counter seating, booth seating and tables. On the mezzanine level, a tech lounge is provided, along with individual seating pods with views to the landscape and main level.
The new residence hall will be located in the heart of campus on East University Drive, providing residents with the option to walk or bike to class. The property features student-centric amenities such as social and recreation lounges, an Academic Success Center, a cardio fitness room, and several academic study spaces.
Under its American Campus Equity (ACE) ® program, American Campus Communities has developed more than $470 million in ASU’s on-campus housing facilities dating back to the development and opening of Vista del Sol in 2007. With additional projects including Barrett Honors College, the Villas at Vista del Sol, Casa de Oro at the West campus and Manzanita Hall, American Campus Communities now owns more than 6,750 beds at Arizona State University.
“Arizona State University is committed to providing world-class living and learning facilities to its students,” said Morgan Olsen, Executive Vice President, Treasurer and CFO at ASU. “This new residential college for the Fulton Schools of Engineering will provide that environment for almost 1,600 Sun Devils and highlights the continually rising quality of the research, education and experience at ASU.”
“We’re excited to be breaking ground on our sixth large-scale student housing transaction with ASU,” said Bill Bayless, ACC CEO. “This partnership has been an integral part of President Crow’s unparalleled vision for student life at ASU, and has served as a model for colleges and universities across the nation seeking to modernize campus housing.”
What: Groundbreaking event for new engineering residential college
Who:
Leaders from ASU and ACC
When: Tuesday, Nov. 10 at 3 p.m.
Where:
PV Beach, 500 E University, Tempe, Ariz. 85281
Media contact:
Meenah Rincon—480-727-3116 or herminia.rincon@asu.edu
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, 2015, American Campus Communities owned 158 student housing properties containing approximately 96,300 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 197 properties with approximately 125,800 beds. Visit www.americancampus.com.
About ASU
Arizona State University has developed a new model for the American Research University, creating an institution that is committed to excellence, access and impact. ASU measures itself by those it includes, not by those it excludes. ASU pursues research that contributes to the public good, and ASU assumes major responsibility for the economic, social and cultural vitality of the communities that surround it.
Forward-Looking Statements
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.
