American Campus Communities is a publicly traded REIT that is the largest developer, owner, and manager of high-quality student housing communities in the U.S. Blackstone announced their acquisition of ACC in April 2022. The financing relates exclusively to the portion of the portfolio that includes on-campus housing underpinned by public-private partnership agreements / long term ground leases with the universities. 

The Portfolio HoldCo structure which will incorporate 34 on campus assets with long term Ground Lease Concessions. ACC’s on campus portfolio consists of over 27,000 beds and $3.7bn of enterprise value across 18 universities.