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Earlier this year, American Campus Communities sold three student housing buildings in California, and the particulars of the sale were jaw-dropping.

The three buildings sold for $245M to a joint venture of Goldman Sachs and Greystar at a 4.1% capitalization rate, purchased with 70% debt, ACC Chief Investment Officer William Tallbot told attendees of the Bisnow Annual Student Housing event in Philadelphia Tuesday.

The buyer, price, cap rate and leverage would all be fine numbers for a portfolio of urban core multifamily buildings, but would have been unheard of in the student housing arena even four years ago. CA Ventures Executive Vice President of Investments Brian Thompson was stunned when he heard the details from his fellow panelist.