Austin, Texas-based student housing developer American Campus Communities has closed on two Florida properties as part of a planned $1.1 billion, 28 property expansion, the South Florida Business Journal reported. Both properties are near college campuses and will undergo extensive renovations. One is the Avalon Heights building, which is adjacent to the University of Florida. The developer plans a $2.1 million upgrade for the building’s amenities. The other property is a land parcel near Florida State University in Tallahassee where the $21.1 million 601 Copeland development is scheduled to be built.
“We are intently focused on the quality growth of our portfolio as we continue to execute our investment strategy through the acquisition and development of Class A communities close to campus in submarkets with barriers to entry,” said American Campus CEO Bill Bayless. “These two transactions are representative of the growth opportunities available to well-capitalized companies in this highly fragmented sector of real estate.” [SFBJ]