Construction Begins on Luxury Student Housing Community

AUSTIN, Texas-American Campus Communities Inc. (NYSE:ACC), an owner, manager and developer of high-quality student housing, announced the start of construction of Callaway Villas, a 704-bed luxury student community servicing students attending Texas A&M University.

The townhome-style units will include private bedrooms and private bathrooms. The high-end amenities will include a 16,000-square-foot community center with a 2,500-square-foot fitness center, tanning rooms, a mini-theater, recreation and game room, television lounge, an outdoor basketball court, sand volleyball court and a resort-style swimming pool with a sundeck.

The 14-acre project is located approximately one block from the university campus. Construction is scheduled for completion in August 2006, with occupancy slated to coincide with the beginning of the 2006-2007 academic year. American Campus Communities will begin marketing and pre-leasing the community this summer.

The company owns and manages 25 high-quality student housing properties, containing approximately 16,300 beds. Including its owned properties, the company manages 44 student housing properties, containing 27,600 beds.