American Campus Communities (ACC) has broken ground on a $630 million residential community for participants of the Disney College Program, now known as Disney Internships & Programs, in Orlando, Fla.
In June, ACC and Walt Disney World Resort announced their partnership, which is structured as an American Campus Equity (ACE) transaction, where ACC serves as the developer, manager and owner of the new residential housing via a 75-year ground lease.
The 10,400-bed community will be delivered in multiple phases, with the first phase scheduled to open in May 2020. Slated to be completed by May 2023, the project is targeting a stabilized yield of 6.8 percent.
Residents will have access to two 25,000-square-foot community centers connection and amenities including resort-style swimming pools, event and recreational lawns, fitness centers and social lounges. The community will feature a variety of floor plans with private and shared accommodations.
In addition, the development will include the Disney Education Center within the residential community. Program residents will also have access to academic resources, including group and private study rooms, computers with free printing and Wi-Fi.
Image courtesy of American Campus Communities