UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K
                                 Current Report


                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



                Date of Report (date of earliest event reported):

                               September 24, 2004



                        AMERICAN CAMPUS COMMUNITIES, INC.
             (Exact name of registrant as specified in its charter)



           Maryland                001-32265                      76-0753089
       ----------------           -----------                    -----------
(State or other jurisdiction      (Commission                   (IRS Employer
     of incorporation)            File Number)               Identification No.)


              805 Las Cimas Parkway, Suite 400, Austin, Texas 78746
              -----------------------------------------------------
                    (Address of principal executive offices)

        Registrant's telephone number, including area code: 512-732-1000
                                                            ------------

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

     |_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

     |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

     |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))




Item 1.01. Entry Into a Material Definitive Agreement.

     On September 24, 2004, American Campus Communities, Inc., a Maryland
corporation, through a wholly owned subsidiary of its operating partnership,
entered into agreements with certain limited liability companies managed by
Thomas C. Proctor, Sr. to purchase five student housing properties containing
approximately 1,600 beds located in close proximity to the campuses of Florida
State University, Florida A&M University, and University of Florida for an
aggregate purchase price of approximately $53.5 million, inclusive of the
assumption of approximately $35.1 million of existing fixed rate mortgage debt
related to four of the properties. Subject to the successful assumption of the
debt and certain other closing conditions, the agreements provide for a closing
date on or before December 15, 2004.


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                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Date: September 29, 2004                AMERICAN CAMPUS COMMUNITIES, INC.

                                        By: /s/ Mark J. Hager
                                            ------------------------------
                                        Mark J. Hager
                                        Executive Vice President, Chief
                                        Financial and Accounting Officer and
                                        Treasurer


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