EXHIBIT 99.1

American Campus Communities Completes Sale of University Village at San
Bernardino to California State University, San Bernardino

     AUSTIN, Texas--(BUSINESS WIRE)--Jan. 6, 2005--American Campus Communities,
Inc. (NYSE:ACC), one of the nation's largest developers, owners and managers of
high-quality student housing properties, today announced completion of the sale
of University Village at San Bernardino to California State University, San
Bernardino. As previously announced, the University exercised an option to
purchase the property for the option price of $28,250,000, or approximately
$59,000 per bed.
     "We're currently exploring numerous opportunities to redeploy the capital
received from this transaction at accretive yields," said Bill Bayless, ACC's
president and chief executive officer.
     American Campus Communities developed the 132-unit/480-bed community, which
opened for occupancy in September 2004.

     About American Campus Communities

     American Campus Communities, Inc. is the only publicly traded REIT solely
focused on student housing 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 acquisition, design, finance, development,
construction management, leasing and management of student housing properties.
American Campus Communities owns and manages a portfolio of 16 high-quality
student housing properties containing approximately 12,100 beds, and provides
management and leasing services at a total of 34 properties with more than
23,500 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, 512-732-1000