Exhibit 99.4

THIRD AMENDMENT TO CONTRIBUTION AND SALE AGREEMENT

     This Third Amendment to Contribution and Sale Agreement (this “Amendment”), dated February 7, 2006, is made and entered by and among Royal Tallahassee Partnership, Royal Tallahassee Partnership II Limited Partnership, Royal Tallahassee III Partnership, Royal Gainesville Limited Partnership, Royal Orlando Limited Partnership, Royal Lexington Limited Partnership, Royal Tucson Entrada Real Limited Partnership, Royal Texas-Tennessee Limited Partnership, Royal Texas-Tennessee II Limited Partnership, Raiders Pass Phase II Limited Partnership, Royal San Marcos Limited Partnership and Royal San Antonio Limited Partnership (collectively, the “Contributors”), on the one hand, and American Campus Communities, Inc. (the “Company”) and American Campus Communities Operating Partnership LP (the “Operating Partnership” and, together with the Company, the “Contributee”), on the other hand.

     WHEREAS, the Contributors and the Contributee have entered into a Contribution and Sale Agreement, dated as of December 2, 2005 (as amended, the “Contribution Agreement”); and

     WHEREAS, the Contributors and the Contributee desire to amend the Contribution Agreement as set forth herein.

     NOW, THEREFORE, the Contributors and the Contributee agree as follows:

     1. Capitalized Terms. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Contribution Agreement.

     2. Amendments to Certain Definitions. The following definitions in Article 1 of the Contribution Agreement are hereby amended to read as follows:

     “Closing Date” shall mean the date of the Closing, which shall occur on or before 24 days after the Earnest Money becomes non-refundable pursuant to Section 4.4.

     “Inspection Period” shall mean the period beginning on the Effective Date and ending 68 days after the Effective Date.

     3. Ratification. Except as otherwise expressly provided in this Amendment, the Contribution Agreement is hereby ratified and confirmed and shall continue in full force and effect in accordance with its terms.

     4. Counterparts. This Amendment may be executed in identical counterparts, which when taken together shall constitute one and the same instrument. A counterpart transmitted by facsimile shall be deemed an original for all purposes.

[signature pages follow]

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

AMERICAN CAMPUS COMMUNITIES, INC.
By:
	William C. Bayless, Jr.
	President and Chief Executive Officer
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
By:	American Campus Communities Holdings LLC, its general partner

By:
	William C. Bayless, Jr.
	President

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ROYAL TALLAHASSEE PARTNERSHIP
By:
	Michael J. Henneman
	General Partner
By:	Keeling Family Irrevocable Trust u/t/a dated 12/31/92 General Partner
	Michael J. Henneman, attorney in fact
By:	Rodrick L. Schmidt
	General Partner
	Michael J. Henneman, attorney in fact
By:	David F. Keeling
	General Partner
	Michael J. Henneman, attorney in fact
By:	Arthur J. Thoma
	General Partner
	Michael J. Henneman, attorney in fact

3

ROYAL TALLAHASSEE PARTNERSHIP II LIMITED PARTNERSHIP
By:
	Michael J. Henneman
	General Partner
By:	Rodrick L. Schmidt
	General Partner
	Michael J. Henneman, attorney in fact
By:	Eric S. Worner
	General Partner
	Michael J. Henneman, attorney in fact
By:	David F. Keeling
	General Partner
	Michael J. Henneman, attorney in fact

4

ROYAL TALLAHASSEE III PARTNERSHIP
By:
	Michael J. Henneman
	General Partner
By:	Keeling Family Irrevocable Trust u/t/a dated
	12/31/92
	General Partner
	Michael J. Henneman, attorney in fact
By:	Rodrick L. Schmidt
	General Partner
	Michael J. Henneman, attorney in fact
By:	David F. Keeling
	General Partner
	Michael J. Henneman, attorney in fact
By:	Eric S. Worner
	General Partner
	Michael J. Henneman, attorney in fact

5

ROYAL LEXINGTON LIMITED PARTNERSHIP
By:	Royal Lexington General Partnership, an Illinois
	general partnership, its general partner

By:	David F. Keeling
	General Partner
	Michael J. Henneman, attorney in fact
By:
	Michael J. Henneman
	General Partner
By:	Rodrick L. Schmidt
	General Partner
	Michael J. Henneman, attorney in fact
By:	Eric S. Worner
	General Partner
	Michael J. Henneman, attorney in fact

6

ROYAL GAINESVILLE LIMITED PARTNERSHIP
By:	Gainesville Partners, an Illinois general
	partnership, its general partner
By:
	Michael J. Henneman
	General Partner
By:	Rodrick L. Schmidt
	General Partner
	Michael J. Henneman, attorney in fact
By:	Eric S. Worner
	General Partner
	Michael J. Henneman, attorney in fact
By:	David F. Keeling
	General Partner
	Michael J. Henneman, attorney in fact

7

ROYAL ORLANDO LIMITED PARTNERSHIP
By:	Royal Orlando Northgate L.L.C., an Illinois limited liability company
By:
	Michael J. Henneman
	Manager
By:
	Rodrick L. Schmidt
	Manager
By:
	Eric S. Worner
	Manager

8

ROYAL TUCSON ENTRADA REAL LIMITED PARTNERSHIP (f/k/a Royal Tucson Limited Partnership)
By:	Royal Tucson, L.L.C., an Illinois limited liability
	company, its general partner
By:
	Michael J. Henneman
	Manager
By:
	Rodrick L. Schmidt
	Manager

9

ROYAL TEXAS — TENNESSEE LIMITED PARTNERSHIP
By:	Royal Texas-Tennessee LLC, an Illinois limited
	liability company, its general partner

By:	RSMH Texas-Tennessee LLC, an Illinois
	limited liability company, its manager

By:
	Michael J. Henneman
	Manager and Member
By:
	Rodrick L. Schmidt
	Manager and Member

10

RAIDERS PASS PHASE II LIMITED PARTNERSHIP
By:	Raiders Pass Phase II LLC, an Illinois limited
	liability company, its general partner

By:	RSMH Raiders Pass Phase II LLC, an
	Illinois limited liability company, its
	manager

By:
	Michael J. Henneman
	Manager
By:
	Rodrick L. Schmidt
	Manager

11

ROYAL TEXAS — TENNESSEE II LP
By:	Royal Texas-Tennessee II LLC, an Illinois limited liability company, its general partner

By:	RSMH Texas-Tennessee II LLC, an Illinois
	limited liability company, its manager

By:
	Michael J. Henneman
	Manager and Member
By:
	Rodrick L. Schmidt
	Manager and Member

12

ROYAL SAN MARCOS L.P.
By:	Royal San Marcos LLC, an Illinois limited
	liability company

By:	RSMH San Marcos LLC, an Illinois limited
	liability company, its manager

By:
	Michael J. Henneman
	Manager and Member
By:
	Rodrick L. Schmidt
	Manager and Member

13

ROYAL SAN ANTONIO L.P.
By:	Royal San Antonio LLC, an Illinois limited liability company, its general partner

By:	RSMH San Antonio LLC, an Illinois limited
	liability company, its manager

By: Schmidt Family Trust, its manager

By:
	Rodrick L. Schmidt
	Trustee

By: Henneman Family Trust, its manager

By:
	Michael J. Henneman
	Trustee

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