American Campus Communities' Callaway Villas Grand Opening: The New Standard in Student Living.

AUSTIN, Texas -- American Campus Communities, Inc. (NYSE:ACC), one of the nation's largest owners, managers and developers of high-quality student housing properties, announces the grand opening ceremony for its newest owned asset, Callaway Villas, a 704-bed student housing community primarily serving students attending Texas A&M University in College Station. The event will take place on September 13, 2006, at 11:00 a.m. Central Time (CT) with a tour of the property followed by a ribbon cutting ceremony and lunch. Callaway Villas is located at 305 Marion Pugh, College Station, TX 77840.

"We believe Callaway Villas sets a new standard in student living," said Bill Bayless, CEO of American Campus Communities. "This property represents the culmination of our experience and expertise as it relates to unit plan design, amenity offerings and levels of service, all in response to meeting the evolving expectations of today's students and parents for privacy, technology and an active lifestyle. Callaway Villas incorporates these concepts into every aspect of the community ensuring students have the optimal experience as they study, recreate or relax."

The community features a 16,000 square foot clubhouse that includes a full on-site fitness center and separate cardio room with ellipticals, treadmills and spinning bikes; a movie theater room; tanning salon; computer center; a game room offering billiards, foosball, shuffleboard, air hockey, poker tables, and video games; and a social lounge with three flat screen televisions.

Outdoor community amenities feature a large patio and veranda that overlooks a 75,000 gallon resort-style swimming pool with hot tub and 7,580 square feet of sundeck with 130 chaise lounges for sunbathers. The clubhouse and pool areas include wireless internet access. An active outdoor lifestyle is further enhanced with a basketball sport court, sand volleyball court, and an outdoor fireplace with barbeque grills. The property also provides 712 parking spaces including 225 covered carports.

The property is comprised of predominately three-story fully furnished villas that offer all private bedroom accommodations. All units include a washer and dryer, cable television, high-speed internet, faux wood floors and large spacious closets. The full kitchen contains sleek black appliances, including a refrigerator with ice maker, oven, range, microwave, dishwasher and garbage disposal.

The community also features state of the art sound attenuation design with a minimum sound transmission coefficient of 50. In addition to upgraded sound suppression windows, each living room and bedroom also contains a white noise system.

Callaway Villas is the successor product to American Campus' highly successful Callaway House, one of the nation's premier freshman residence hall facilities serving students attending Texas A&M and Blinn College. Currently, Callaway Villas is 96 percent pre-leased for its fall opening.

To provide the highest level of service to its residents, Callaway Villas is managed with an on-site staff, which includes a general manager, assistant manager, leasing manager, and five maintenance personnel. The staff also includes 10 community assistants who provide a full array of educational, recreational and social programs for residents.

American Campus is developing student housing nationally to meet the demand fueled by an increase in college enrollment due to the "Echo Boom" generation graduating high school and attending college. Additionally, the percentage of high school graduates attending college is growing.

Members from the media and investment community interested in attending this event should contact the company representative for more information.

About American Campus Communities, Inc.

American Campus Communities, Inc. is one of the largest publicly traded REITs solely focused on student housing in the United States. American Campus Communities is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, finance, development, construction management, and leasing and management of student housing properties. The company owns and manages 38 high-quality student housing properties containing approximately 22,900 beds. Including its owned properties, the company provides management and leasing services at a total of 52 properties, representing approximately 31,700 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.