About a decade ago, when looking for a real estate investment trust (REIT) to put into my stock portfolio, I chose American Campus Communities Inc., an Austin, Texas-based company that specialized in developing and managing student housing.
I enjoyed the REIT dividend and was pleased that the stock held its own through the heart of the recession when the rest of the market tumbled over a cliff like a long line of lemmings.
Otherwise, I really didn't pay much attention to the student housing sector; then over the past year a couple of items caught my eye. First, toward the end of 2010, Campus Crest Communities Inc. of Charlotte, N.C., a student housing REIT unknown to me at the time, went public, generating net proceeds of $350.6 million.
Then I stu