Blackstone Bets on Campus Housing With $13 Billion Acquisition

Blackstone Inc. agreed to buy student-housing owner American Campus Communities Inc.  in a deal valuing the company at about $12.8 billion, including debt, a bet that rents will continue to rise as more college students return to campus.

Austin, Texas-based ACC is the largest publicly traded owner and developer of student housing in the U.S. The deal marks Blackstone’s single biggest foray into the sector to date.