Blackstone bets on campus housing with $13 billion acquisition

Blackstone Inc. agreed to buy college housing owner American Campus Communities Inc. in a deal that values ​​the company at about $12.8 billion, including debt, a bet rents will continue to rise as more college students arrive return to campus.

Based in Austin, Texas, ACC is the largest publicly traded student housing owner and developer in the United States. The deal marks Blackstone’s biggest foray into the sector to date.