EXHIBIT 99.1


                      AMERICAN CAMPUS COMMUNITIES ANNOUNCES
                        EXERCISE OF OVER-ALLOTMENT OPTION


Austin, TX - September 13, 2004 - American Campus Communities, Inc. (NYSE: ACC)
today announced that the underwriters of its recently completed initial public
offering have exercised their option and indicated that they will purchase an
additional 515,000 shares of common stock from the company out of a total
over-allotment option of 1.815 million shares. American Campus Communities
expects to receive approximately $8.4 million in net proceeds from the sale of
these shares after deducting the underwriting discount.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. served as joint
book-running managers for the initial public offering. J.P. Morgan Securities
Inc., UBS Securities LLC, ING Financial Markets LLC, KeyBanc Capital Markets, a
division of McDonald Investments Inc., and Wells Fargo Securities, LLC., acted
as co-managers for the offering.

A registration statement relating to these securities has been filed with and
declared effective by the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. A copy of the final prospectus
relating to the offering may be obtained by contacting Citigroup Global Markets
Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, or
Deutsche Bank Securities Inc., by facsimile, 212-468-5333.

About American Campus Communities, Inc.

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, and leasing and management of student housing properties. The
Company owns 16 high-quality student housing properties, containing
approximately 3,900 apartment units and 11,800 beds. The Company manages 32
student housing properties, representing approximately 22,300 beds, including
the owned properties.

Forward Looking Statements

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.

AT THE COMPANY:                         AT FINANCIAL RELATIONS BOARD:
---------------                         -----------------------------
Jason Wills                             Georganne Palffy     Tim Grace
Senior Vice President                   General Info         Media Inquiries
(512) 732-1000                          (312) 640-6768       (312) 640-6667