American Campus Communities and Butler University Break Ground on State-of-the-Art Sunset Student Residences
AUSTIN, Texas, May 5, 2015 (BUSINESS WIRE) -- American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today reported that on Friday, May 8, the company and Butler University will celebrate the groundbreaking of the Sunset Student Residences, a state-of-the-art, 633-bed sophomore residence hall that will substantially improve and modernize Butler’s student housing options. A ceremony will begin at 2 p.m. at the construction site adjacent to the Irwin Library parking lot.
The $40 million facility, which will open in August 2016, will stretch from Butler Way to Blue Ridge Road along Sunset Avenue, in what previously had been a parking lot.
“The addition of this new facility represents a critical step toward advancing Butler’s educational mission through superior campus amenities,” Butler President James M. Danko said. “This world-class project, combined with future efforts to build and renovate academic spaces across campus, will help Butler realize its 2020 Vision as an innovative national leader in undergraduate residential education.”
The new residential facility is the result of a partnership between American Campus Communities and Butler University. Under the agreement, American Campus will build and maintain the facility, while Butler will provide staff to manage the building.
Sunset Student Residences will feature suites of three- and four-bedroom floor plans, with no more than two students in any room. Each shared room is configured with a divider to provide additional privacy. There will be a bathroom for every bedroom, and each student will have his or her own vanity and sink. In addition, each suite will have a kitchenette and furnished living room area.
The facility also features a large multipurpose room that is being described as “a living room for the campus.” The space will serve as a key gateway to Butler’s campus and will be open to students, faculty, staff, alumni, and the broader Indianapolis community. In addition to daily use for study and socializing, the space will be used for conferences and events.
Other amenities will include a fireplace and social lounge in the connecting area between the two buildings, an outdoor kitchen and barbecue, a lounge on each floor (some for recreation, some for study), and a small cardio-fitness center.
This effort represents the first phase of a comprehensive student housing master plan that will address the University’s overall housing inventory. The scope of the master planning process encompasses the renovation or redevelopment of approximately 1,200-1,500 student beds and related student amenity space in Ross Hall, Schwitzer Hall, and Residential College.
“American Campus Communities brings an enormous amount of experience and vision to our partnership,” Danko said. “We are excited to work with them to bring world-class housing options to Butler.”
By establishing a long-term partnership with American Campus, Butler will be able to dramatically upgrade its housing options, while maintaining the financial flexibility needed to invest in future academic facilities.
“We’re excited to be underway with this important first phase of what already has become a strong partnership with Butler,” said Bill Bayless, president and CEO of American Campus Communities. “This state-of-the art housing, amenities and multipurpose space is a testament to President Danko’s vision for making Butler’s residential experience second to none.”
Since 1996, American Campus has developed more than $4.7 billion in properties and acquired more than $5.1 billion in student housing assets. The company has been awarded the development of more than 70 on-campus projects, in addition to 28 projects developed off campus.
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 March 31, 2015, American Campus Communities owned 164 student housing properties containing approximately 100,000 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 203 properties with approximately 130,100 beds. Visit www.americancampus.com.
American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000