Exhibit 99.1

  American Campus Communities to Acquire Student Housing Property in
           Gainesville, Florida; Revise 2005 Guidance Ranges

    AUSTIN, Texas--(BUSINESS WIRE)--Feb. 25, 2005--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 that it has signed a contract to acquire The Exchange
at Gainesville, a student housing community located in close proximity
to the University of Florida campus in Gainesville, Florida. The
property, which contains approximately 1,044 beds, has a purchase
price of approximately $47.5 million. The acquisition is expected to
be completed by the end of the 2005 first quarter.
    Looking forward to its 2004 earnings news release to be
distributed March 1, 2005 and its analyst conference call scheduled on
March 2, 2005, the company said that it will be narrowing the 2005
guidance range previously provided for Funds from Operations Modified
to reflect the operational performance of on-campus participating
properties (FFOM), and lowering earnings guidance previously provided
for Funds from Operations (FFO) for the year ended December 31, 2005,
in part due to the sale of the San Bernardino project and the delay in
closing the acquisition of the Florida portfolio of five properties,
which closed in February 2005. Additional guidance information will be
provided in the 2004 earnings news release and during the analyst
conference call.

    About American Campus Communities

    American Campus Communities, Inc. is one of the largest
developers, owners and managers of high-quality student housing
communities in the United States. The company is a fully integrated,
self-managed and self-administered equity real estate investment trust
(REIT) with expertise in the design, finance, development,
construction management, leasing and management of student housing
properties. American Campus Communities owns and manages a portfolio
of 22 student housing communities containing approximately 14,100
beds. Including its owned properties, the company provides management
and leasing services at a total of 41 properties with more than 25,400
beds located on or near college and university campuses. Additional
information is available at www.studenthousing.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, 512-732-1009