DLA Guides Saban's $508M Purchase From American Campus
Law360, Minneapolis (November 16, 2016, 2:44 PM EST) -- American Campus Communities Inc. has sold a portfolio of 19 student housing properties to DLA Piper-counseled Saban Real Estate Group for $508 million, according to an announcement on Wednesday from Austin, Texas-based real estate investment trust American Campus Communities.
The properties have a combined 12,083 beds, and the purchase price worked out to a cap rate of 6.1 percent based on current rental revenue, American Campus Communities said Wednesday.
American Campus did not disclose additional details about the properties, although Saban's general counsel, Niveen Tadros, told Law360 on Wednesday the properties are located in nine U.S. states.
"It was a multifaceted...
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