Blackstone Inc. settled to buy American Campus Communities Inc.'s (ACC) student housing provider in a transaction valued at about $12.8 billion, The Wall Street Journal reported on Tuesday.
Moreover, ACC is the biggest publicly listed owner and investor of student housing in the US. The deal marks Blackstone's largest venture into the sector to date.
ACC has 166 buildings in cities and college towns throughout the US, among them properties near Arizona State University and the University of California at Berkeley.