EXHIBIT 99.1

American Campus Communities Provides Third-Party Development Services
for $110 Million Student Housing Development at University of
California, Irvine

    AUSTIN, Texas--(BUSINESS WIRE)--Dec. 16, 2004--American Campus
Communities, Inc. (NYSE:ACC), one of the nation's largest developers,
owners and managers of high-quality student housing properties, today
announced the commencement of construction on the second phase of
development at Vista Del Campo Apartments located on the University of
California, Irvine campus in Irvine, Calif. American Campus
Communities is providing third-party development, construction
management and on-going property management services for the project.
    A $110 million bond issuance will fund the cost of the
development, which will consist of 12 garden-style two, three and
four-story residential buildings. The tax-exempt bond issuance was
provided through Collegiate Housing Foundation, a qualified,
not-for-profit 501(c)3.
    "This second phase of Vista Del Campo exemplifies our strategy of
developing long-term relationships with major universities to provide
superior student housing communities," said Bill Bayless, ACC
president and chief executive officer.
    The first phase of the Vista Del Campo Apartments, a 488-unit,
1,488-bed, $104.5 million project developed and managed by American
Campus Communities, was fully occupied at its opening in Fall 2004.
    The second phase of the development will include an undergraduate
community with a total of 1,309 beds consisting of
three-bedroom/two-bath units and one-bedroom/one-bath units. Amenities
for the undergraduate community will include a game room, fitness
center, cafe, social lounge, offices, laundry areas and a courtyard
with pool view. The development also will include a 255-bed graduate
community consisting of two-bedroom/two-bath units and
one-bedroom/one-bath units. Graduate community amenities will include
study rooms, a fitness center, business center, offices and a
courtyard. All units will be fully furnished with full kitchens.
Graduate units also will be equipped with washer/dryers.
    Construction of the project is scheduled for completion in Fall
2006, with occupancy concurrent with the beginning of the 2006-2007
academic year.

    About American Campus Communities

    American Campus Communities Inc. is the only publicly traded REIT
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, leasing and
management of student housing properties. The company owns 17
high-quality student housing properties, containing approximately
4,100 apartment units and 12,600 beds. In conjunction with the
properties owned, the company's total owned and managed portfolio
consists of 35 student housing properties, representing 24,000 beds.
More information is available at the company's website at
www.americancampuscommunities.com.

    Forward-Looking Statements

    Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking statements,
which express the current beliefs and expectations of management. Such
statements are based on current expectations and involve a number of
known and unknown risks and uncertainties that could cause our future
results, performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements speak only as
of the date on which they are made, and we undertake no obligation to
update publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.

    CONTACT: American Campus Communities Inc., Austin
             Joe Allen, 512-732-1000