At a glance
- The 1,065-bed project is scheduled to open in fall 2028 and will add 308 furnished apartments for undergraduates in two buildings of six to seven stories on the campus's East Campus.
- Once complete, the project lifts ACC's partnership with UC Irvine to approximately 8,700 beds.
- The per-bed number is what allocators can underwrite: $191 million across 1,065 beds works out to roughly $179,000 a bed.
American Campus Communities, a Blackstone portfolio company, said it closed a $191 million third-party student housing development at the University of California, Irvine. The 1,065-bed project is scheduled to open in fall 2028 and will add 308 furnished apartments for undergraduates in two buildings of six to seven stories on the campus's East Campus.
Once complete, the project lifts ACC's partnership with UC Irvine to approximately 8,700 beds. The new beds equal roughly 12% of that footprint. The company traces the relationship back 25 years and points to work at UC Berkeley and UC Riverside as part of more than two decades of expanding housing across the University of California system.
The per-bed number is what allocators can underwrite: $191 million across 1,065 beds works out to roughly $179,000 a bed. That capital goes out now, while rent does not start until the 2028-29 academic year. Because ACC is building as a third party rather than buying an operating asset, the economics likely rest on the development agreement with the university and on lease-up roughly two years out, not on current campus occupancy.
$179,000 a bed at UC Irvine, with rent starting in 2028
Development cost, beds and cost per bed for the closed UC Irvine project
Reported by the Deals desk from Connect CRE. Published . Corrections