American Campus Communities and University of California, Berkeley Break Ground on Student Housing Project
18 November 2016 - 4:44AM
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.
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.
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