Inking a $627 million acquisition, American Campus Communities Inc. has added 15 properties in eight states to its portfolio, assuming $231.1 million of debt, issuing partnership units and shelling out $380.9 million in cash to close the 6,579-bed deal.

American Campus plans to invest $13.7 million into upgrading the portfolio acquired from Campus Acquisitions Inc. The projected cap rate in the first year is 5.9 percent, including cap-ex, and 5.6 percent economic, included the assumed $200 per bed capital reserves, upfront cap-ex, loan assumption costs and transaction expenses.

American Campus gained 11 properties in seven existing markets and marked inroads in four tier one markets holding Baylor University, University of Southern California, Iowa State University and Purdue University.

The greatest concentration was Texas, where the Austin-based buyer bought the 121-bed Vintage West Campus, 190-bed Texan West Campus and 623-bed Castilian, all near the University of Texas at Austin; 315-bed Bishops Square near Texas State University in San Marcos; and 120-bed Union near Baylor University  in Waco.

In Illinois, American Campus scooped up the 416-bed 309 Green, 172-bed Lofts54 and 766-bed Campustown Rentals near the University of Illinois.

The balance of the  portfolio consists of the 386-bed Chauncey Square near Purdue University in West Lafayette, Ind.; 468-bed Vue near Arizona State University in Tempe; 253-bed Icon Plaza near the University of Southern California in Los Angeles; 606-bed Landmark near the University of Michigan in Ann Arbor; 1,206-bed Campustown near Iowa State University in Ames; 461-bed River Mill near the University of Georgia in Athens and 476-bed Garnet River Walk near the University of South Carolina in West Columbia.

BofA Merrill Lynch was the buyer's financial adviser while Locke Lord LLP was legal counsel. UBS Investment Bank acted as financial adviser to Campus Acquisitions.