American Campus Communities

American Campus Communities, Inc.

Company type	Private
Industry	Real estate investment trust
Founded	1993
Founder	Bill Bayless
Headquarters	Bee Cave, Texas , United States
Area served	United States
Key people	Bill Bayless (CEO)
Products	Student housing properties
Parent	Blackstone Inc.

American Campus Communities, Inc. (ACC) stands as the foremost developer, proprietor, and operator of student housing complexes across the United States, with its headquarters situated in Bee Cave, Texas, near Austin. Established in 1993 by CEO Bill Bayless, ACC collaborates closely with universities to design, manage, and finance both on-campus and nearby housing facilities. As of March 31, 2021, the company owned 166 student housing properties comprising around 111,900 beds and oversaw a total portfolio of 207 properties offering approximately 142,400 beds.

History

From its founding in 1993 through 2003, ACC worked alongside institutions such as the SUNY system, the University of California System, and the Texas A&M University System to develop student residences. Its inaugural university partnership was with Prairie View A&M University in 1996 through the University Village project. In 1997, Bayless acquired full ownership by buying out his partners; by 1999, ACC had completed its first off-campus development, Callaway House College Station at Texas A&M.

In 2004, ACC became publicly traded via an initial public offering on the New York Stock Exchange, marking it as the first student housing company in the U.S. to go public. The following year saw the launch of the American Campus Equity (ACE) program with Arizona State University’s Vista del Sol community—an innovative ownership approach where ACC contributes equity and functions as both financial and operational partner to the university. The company's size doubled after it purchased GMH Communities Trust’s student housing division for $1.4 billion in 2008.

Over the ensuing years, ACC secured major contracts including a $132 million development at Northern Illinois University in 2011 and expanded into Ivy League markets by developing faculty and graduate student housing for Princeton University in 2013. Its proficiency in redevelopment was showcased through renovations at ASU’s Manzanita Hall.

By 2016, ACC celebrated its 100th project at West Virginia University, which is also CEO Bayless’ alma mater. The collaboration with Arizona State University continued with the opening of Tooker House in 2017—recognized as the largest engineering residential college and ACC’s 33rd building to achieve LEED certification.

In 2018, ACC initiated a $615 million residential community tailored for Disney College Program participants under the ACE structure. The next year brought a partnership with Northeastern University and the city of Boston to launch LightView—a 20-story student housing tower aligned with Boston’s “Housing A Changing City: Boston 2030” plan.

Facing the challenges posed by COVID-19 in 2020, ACC partnered with Reckitt Benckiser (the manufacturer of Lysol) to enhance sanitation and disinfection measures throughout its communities.

On April 19, 2022, Blackstone Inc. completed a $12.8 billion acquisition of ACC that took the company private; shareholders received $65.47 per share. This transaction was finalized in August 2022.

Major milestones

• First campus dorm REIT listed publicly
• Originated on-campus equity investment model (ACE)
• Attained Investment Grade Ratings from Moody's and Standard & Poor's
• CEO Bill Bayless honored as Regional Winner and National Finalist for Ernst & Young Entrepreneur of the Year (2007)
• Awarded National Association of Home Builders Development Firm of the Year (2013)
• Included on Forbes list of “America's 100 Most Trustworthy” companies (2012 & 2013)
• CEO Bill Bayless recognized among commercial real estate’s Most Innovative Executives by Commercial Property Executive (2015)
• Featured thrice by Texas Monthly as one of the “Best Companies to Work For”
• Garnered Student Housing Business Innovator Awards: eight in 2015 and five in 2016
• Honored as Texan by Nature 20 (TxN20) for leadership in conservation and sustainability (2019, 2020)
• Received National Association of Home Builders Pillars of the Industry Award for Best Green Market Rate Multifamily Community (2019)
• Achieved Great Place to Work Certification based on employee evaluations (2020)
• CEO Bill Bayless awarded Globe St. CRE Best Bosses Award (2020)

Partnerships

American Campus Communities collaborates with the mental health organization Hi, How Are You Project to tackle mental health issues affecting college students across the United States. This partnership focuses on implementing residence life training and awareness initiatives at more than 70 universities nationwide.

Criticism

ACC has encountered complaints from tenants, especially in the U-District, regarding unauthorized access to units, contested pet restrictions, and notices of relocation. Although the company denies intentionally altering resident demographics, these concerns prompted the formation of a tenant association and involvement from the University of Washington. These ongoing disputes underscore difficulties in managing properties and maintaining positive resident relations.

In December 2014, a tragic accident occurred when University of Missouri student Jack Lipp fell from a faulty balcony railing at a Ginger C, LLC property scheduled for demolition by ACC to construct new student housing. The Lipp family filed a wrongful death lawsuit, culminating in a $5 million settlement with American Campus Communities and other parties in 2017.

In 2018, ACC resolved a federal class action lawsuit alleging misleading lease rate advertisements by agreeing to pay $444,775. The suit argued that ACC promoted monthly rates based on a 12-month period while offering leases of only 11.5 months. Following the settlement, ACC updated its marketing language to describe payments as "installments." The settlement compensated 852 tenants who leased between November 2012 and November 2016.

A civil lawsuit filed in 2022 named both ACC and the West Virginia University Board of Governors in negligence claims after the 2020 homicide of student Eric J. Smith by unauthorized individuals.

In early 2023, the University Area Commission in Columbus, Ohio, declined ACC’s proposal for an eight-story student housing complex with 560 beds due to concerns about building height and neighborhood impact. ACC intends to revise its plans based on this feedback.

Multiple ACC properties have experienced issues related to mechanical failures and substandard construction quality. Residents at Hub Ann Arbor reported frequent elevator breakdowns, heating and cooling malfunctions, insufficient maintenance, and misleading claims regarding amenities such as a sauna and rooftop hot tub. These challenges have adversely affected tenant satisfaction amid premium pricing for student accommodations.