American Campus Communities Provides Update Regarding the Resumption of the Disney College Program

American Campus Communities Provides Update Regarding the Resumption of the Disney College Program
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AUSTIN, Texas: American Campus Communities, Inc., the nation’s largest owner and manager of high-quality student housing properties in the U.S., is pleased to share that on May 3, 2021, Walt Disney World® Resort announced it is relaunching the Disney College Program in June 2021. Participants in the program are expected to begin to occupy the company’s Flamingo Crossings Village community near Walt Disney World Resort in Orlando as early as this summer.

American Campus Communities is currently under construction on Flamingo Crossings Village, a 10-phase, $615 million residential community for participants of the Disney College Program. As of today, four of the project’s 10 phases have been completed. The company is actively communicating with Walt Disney World Resort regarding the near-term timing and pace of occupancy and will provide the market with additional details as they become finalized. The remaining phases are expected to be delivered as originally anticipated through May 2023. Barring any unforeseen future impacts related to the COVID-19 pandemic, we now expect each phase to achieve its originally anticipated opening yield beginning in 2022.

“We are truly excited Disney has announced the resumption of the Disney College Program sooner than previously anticipated,” said Bill Bayless, American Campus Communities CEO. “While COVID-19 temporarily delayed the initial occupancy of Flamingo Crossings Village, we have always had confidence in our collaboration with Disney and the long-term success of the project. As we stated on our recent first quarter earnings call, we now believe that occupancy will ramp-up at a pace that allows us to meet our targeted stabilized yield of 6.8 percent by May 2023 as originally anticipated prior to the pandemic.”