American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., has commenced construction on a 454-bed student community on the College of Staten Island (CSI) campus in the City University of New York system where the company serves as the third-party developer and manager.
The College of Staten Island Residences is being financed with $65.8 million in tax-exempt Residential Revenue Bonds and $2.0 million in taxable bonds, all issued by The New York City Housing Development Corporation (HDC).
“We are honored to be partnering with CSI to deliver this transformative student housing project – a first step in changing the campus experience from commuter to residential,” said Jamie Wilhelm, American Campus executive vice president of public private partnerships. “This modern complex will offer CSI students an on-campus residential experience that will enhance academic success and foster the sense of community with state-of-the-art accommodations and services.”
The Residences will be comprised of two L-shaped buildings of four and five stories, containing approximately 172,000-square-feet. The site is at the northwest corner of the north academic quadrangle and adjacent to the buildings for Business and Engineering Technologies. Although housing is intended for undergraduates, the building may also include apartments for graduate students, faculty, staff, and resident advisors.
“We are proud to be partnering up with CUNY and American Campus Communities to develop much needed student housing at the College of Staten Island. With an increase of student population, long commutes and a limited amount of apartment complexes – there’s clearly a need,” said Marc Jahr, president of the HDC.
The student housing facility will have 133 apartments with a total of 454 beds. The apartments consist of 24 two-bedroom with one-bathroom single occupancy units, 67 three-bedroom with two-bathroom double occupancy units, 32 four-bedroom with two-bathroom single occupancy units, nine resident assistant units and one resident director unit.
“Our new residential project will be transformational for the College as it is an integral part of our Campus Facilities Master Plan and a significant component of the recently adopted five year Strategic Plan,” said Ira S. Persky, CSI’s vice president of finance and administration. “The project will enable the College to attract students from a wider geographical area, provide more educational opportunities and foster an on-campus environment that will benefit the entire college community.”
Each apartment will be furnished with a dining table and chairs, entertainment center, coffee table, soft seating and will include one or more bathrooms, a kitchen with range and oven, refrigerator and sink. Each resident will have his or her own closet, semi-private vanity area with sink, bed, desk, chair, and stackable dresser in the bedroom/bath area. Amenities will include laundry facilities, resident mailroom, fitness center, conference rooms, a social lounge with television and seating, public restrooms, administrative offices, and mechanical and maintenance areas.
The community is designed to achieve LEED Silver-certification, based upon the types of building materials, the nature of its landscaping, energy efficiency and minimal land disturbance. Development will take approximately 17 months to complete with occupancy scheduled in Fall 2013, creating 270-plus construction related jobs.
About American Campus Communities
American Campus Communities, Inc. is the largest owner and manager 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. American Campus Communities owns 120 student housing properties containing approximately 74,900 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 147 properties with approximately 97,800 beds. Visit www.americancampus.com or www.studenthousing.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.