American Campus Communities Commences Student Housing Development in College Station, Texas.

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 of Callaway Villas, a 704-bed luxury student community servicing students attending Texas A&M University. The 14-acre off-campus project is located approximately one block from the university. The townhome-style units will be comprised of private bedroom and private bathroom accommodations. The high-end amenities will include a 16,000-square foot community center with a 2,500-square foot fitness center, tanning rooms, a mini-theater, recreation and game room, television lounge, an outdoor basketball court, sand volleyball court, and a resort-style swimming pool with a sundeck.

"This project further demonstrates our continued innovation and leadership in the student housing industry, as we define new benchmarks in the areas of product design, site planning, unit plans and amenity selections," said Bill Bayless, ACC president and chief executive officer.

Construction of the project is scheduled for completion in August 2006, with occupancy expected to occur in conjunction with the beginning of the 2006-2007 academic year. The company will begin marketing and pre-leasing the community next month.

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 25 high-quality student housing properties, containing approximately 16,300 beds. Including its owned properties, the company manages 44 student housing properties, representing 27,600 beds. For more information about the company, please go to the company website, at www.studenthousing.com.

Forward-Looking Statements

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