Blackstone Drops $13 Billion on Student Housing Developer

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Going to college is expensive, said every student in America. Why yes, yes it is, replied US investment giant Blackstone, which knows a good business opportunity when it sees one.

On Monday, the private equity giant agreed to acquire American Campus Communities, the country's largest developer and owner of student housing, for $12.8 billion. It's a big bet that there's plenty of future money to be extracted from student loan-backed youngsters in need of a place to crash between nighttime keggers and the next morning's ENGL 430: Literature of the Middle Ages class.

Source Fool.com