American Campus Communities Begins Construction on LEED Silver Residence Hall at the University of Hawaii, Manoa.

AUSTIN, Texas -- American Campus Communities, Inc. (NYSE:ACC), one of the largest owners, managers and developers of high-quality student housing properties in the U.S., today announced the commencement of construction for a $71.0 million student housing development at the University of Hawaii, Manoa. The new Frear Hall represents the first student housing constructed since the late '70s.

ACC will perform third-party development and construction management services for the development. The 810-bed Frear Hall is anticipated to open for occupancy at the beginning of the Fall 2008 academic year.

"We are very pleased to be a part of this exciting transformation to the University of Hawaii campus," said Jason Wills, ACC senior vice president of on-campus development. "We are proud that this community represents the University's commitment to a healthy residential community, sustainability and the Hawaiian sense of place."

Frear Hall is comprised of two 12-story towers that feature a conference and meeting area, business center, fitness facility, trash and recycling station, recreation and gaming room, and study and social lounges, along with wireless Internet. The community will reflect the rich Hawaii culture with lush indigenous landscaping and a blend of indoor-outdoor spaces. The project will pursue a LEED silver certification.

Student units comprise more than 61 percent private bedroom accommodations and incorporate many sustainable features, such as low-E windows, recycled carpet tiles, and low-flow plumbing fixtures, including dual-flush toilets.

"This is a landmark development for UH Manoa," said Chancellor Denise Konan. "This is a perfect way to demonstrate to our students that community matters.

"We are committed to fulfill our university policy that 25 percent of our students have the opportunity to live on campus," Konan added. "Our investment today will pay off in students who are more engaged in their educational experience in the years ahead."

The new Mary Dillingham Frear Hall will replace the previous Frear Hall, which occupied the same site and was constructed in the mid-1950s as a women's dormitory for 144 students. Over the years the building fell into disrepair and had not been occupied by students since 1997. It was demolished earlier this year.

About American Campus Communities

American Campus Communities Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, leasing and management of student housing properties. American Campus Communities owns and manages a portfolio of 38 student housing communities containing approximately 22,700 beds. Including its owned properties, the company provides management and leasing services at a total of 53 properties with approximately 32,000 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.