Hunt Companies Inc

EL PASO, TEXAS – (December 5, 2007) –Hampton Roads PPV, LLC, a joint venture between Hunt Development Group (Hunt) of El Paso, Texas, American Campus Communities (ACC) of Austin, Texas and the Department of the Navy, has officially closed financing and commenced construction on the Hampton Roads Unaccompanied Housing Privatization at Camp Allen and Camp Elmore in Norfolk, Virginia and at a five acre site located in the city of Newport News, Virginia. Hampton Roads PPV, LLC will finance, develop, own, and operate the facilities for a 50 year period.

The Hampton Roads development has initial project costs of approximately $336 million and will feature a mix of 2,366 new beds in manor-style residences and a mid-rise apartment building with clubhouses and recreational amenities. Also included in the project is the renovation and management of 1,313 existing beds at the Naval Base. The entire development is estimated to be completed in the first quarter of 2010.

Hunt is providing development services and ACC is providing development consulting and property management services. Hunt affiliate, Hunt Building Company is providing construction management and design-build services.

Hunt has been recognized nationally as a leading developer, design-builder and owner of high-quality military housing, receiving numerous awards from both private and military sectors for design ingenuity and building integrity.

American Campus Communities is one of the nation’s largest developers, owners and managers of high-quality student housing communities. They are also a national leader in third-party development and management of on-campus student housing.

About Hunt

Hunt Development Group, LP is an affiliate of Hunt Building Corporation. Founded in 1947, Hunt Building Corporation and its affiliated companies provide a full range of development, design-build, construction management, investment, and asset/property management services across the country with a focus in public-private ventures, military housing, mixed-use, master-planned communities and retail. The companies have been headquartered in El Paso and operated by the Hunt family for four generations. Hunt has completed or is currently building/developing over 82,000 housing units, of which 65,000 are military family homes. Currently, Hunt has completed military housing projects in 38 states, representing more military family housing projects in the United States than any other entity. Other Hunt affiliated companies are Hunt Building Company, Hunt Communities, HBC Property Managers, Hunt NR, and Hunt Administrative Services. For more information, visit www.huntcompanies.com.

About American Campus Communities

American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities 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 design, finance, development, construction management, leasing and management of student housing properties. American Campus Communities owns and manages a portfolio of 44 student housing communities containing approximately 28,700 beds. Including its owned properties, the company provides management and leasing services at a total of 63 properties with approximately 43,800 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.