American Campus Communities Closes $191 Million Student Housing Development at UC Irvine With Collegiate Housing Foundation

IRVINE, Calif. — American Campus Communities (ACC), a Blackstone portfolio company, announced Nov. 5, 2026, the closing of a $191 million third-party student housing development at the University of California, Irvine (UC Irvine). Collegiate Housing Foundation (CHF) serves as the project's owner, borrower and lessee.

The 1,065-bed project on UC Irvine's East Campus is scheduled to open in Fall 2028. It is the latest phase in a university partnership that spans 25 years.

Project Details: 308 Apartments Across Two Buildings

The development will include 308 fully furnished apartments, with floor plans ranging from studios to four-bedroom units, across approximately 387,000 square feet. Based on the announced figures, the project averages roughly 3.46 beds per apartment.

Designed for undergraduate students, the community will consist of two residential buildings ranging from six to seven stories, integrated into the surrounding neighborhoods. Residents will have access to dedicated study areas, indoor social lounges, furnished outdoor courtyards, bicycle storage and laundry facilities. The community will also connect students to existing East Campus amenities, including community centers, pools and outdoor gathering spaces.

The project is targeting LEED Gold certification. KTGY is the architect, and Benchmark is the general contractor.

At $191 million, the project equates to approximately $179,343 per bed and $493.54 per square foot, based on the announced figures. Those metrics reflect new construction costs and are not directly comparable to the sale price of a stabilized property, given differences in age, occupancy, land basis and income.

Collegiate Housing Foundation and the Ownership Structure

Collegiate Housing Foundation is a non-profit, tax-exempt organization established in 1996 for the sole purpose of assisting colleges and universities in acquiring or developing student housing facilities. Founded in and still based in Fairhope, Alabama, the foundation pioneered the financing of student housing facilities by a third-party non-profit.

The project involves ACC, UC Irvine, the University of California Office of the President (UCOP) and CHF. In the structure, CHF acts as owner, borrower and lessee, while ACC serves as development partner. A nonprofit owner and borrower structure can align a project with university housing objectives while allowing a specialist developer to manage design, construction, financing coordination and operations.

ACC has used project-based tax-exempt bonds on its prior UC Irvine projects, which the company says met original pro formas, were completed on time and on budget, and achieved required debt coverage.

A 25-Year Partnership Approaching 8,700 Beds

According to the announcement, the collaboration reflects more than two decades of work to expand student housing options across the University of California system, including partnerships at UC Berkeley and UC Riverside. Upon completion of this project, ACC's partnership with UC Irvine will encompass approximately 8,700 beds. ACC has master-planned and developed approximately $585 million of UC Irvine apartment and townhome communities since 2004.

"This project reflects the strength of our 25-year partnership with UC Irvine and our shared commitment to creating housing communities that support students throughout their college experience," said Michael Cipriano, Head of Development at American Campus Communities. "We're proud to continue working alongside the university to expand its residential offerings and deliver spaces that foster academic success, connection and belonging."

"It is KTGY's distinct privilege to be a part of this long-standing legacy of collaboration between ACC and UCI," said Darin Schoolmeester, principal at KTGY. "We are looking forward to seeing these new student-focused communities become a reality as they enhance the student experience on campus."

Market Context and Operating Backdrop

The project reflects continued use of public-private partnerships by universities to add housing without relying exclusively on institutional balance sheets. ACC says it has facilitated more than 120 public-private partnership transactions at 65 colleges and universities nationwide. Its broader platform includes 171 properties serving approximately 132,000 residents.

UC Irvine, founded in 1965, has more than 36,000 students and offers 224 degree programs. It is led by Chancellor Howard Gillman and is Orange County's second-largest employer, contributing $7 billion annually to the local economy and $8 billion statewide.

The East Campus already has an established housing and amenity base, including existing ACC communities such as Vista del Campo Norte. ACC's 2025 impact reporting says another community, Villas at Babcock, achieved more than 99% occupancy, though that is a company-reported figure for a single property and not an indicator of expected lease-up at the new UC Irvine project.

Outlook

With delivery set for Fall 2028, the project will add 1,065 beds to UC Irvine's East Campus and bring the ACC partnership to approximately 8,700 beds at the university.

Sources

• American Campus Communities press release: https://www.americancampus.com/news-and-insights/uci-phase-v