CBRE Brokers Sale of 484-Bed, Student Housing High Rise at UArizona
CBRE has announced the sale of The Parker, a 484-bed pedestrian student housing community located across the street from the University of Arizona. Oak Brook, Ill.-based Inland Real Estate Acquisitions facilitated the purchase of the asset on behalf of an Inland affiliate for an undisclosed price from Houston-based The Dinerstein Companies and Chicago-based Harrison Street Real Estate.
CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the seller in partnership with CBRE Arizona Multifamily’s Jeff Casper. Mark Cosenza, senior VP of Inland Real Estate Acquisitions, with assistance from Brett Smith, VP and associate counsel of The Inland Real Estate Group Law Department, facilitated the transaction on behalf of the Inland affiliate.
“The Parker is one of the only ultra-core transactions we have seen in the sector this academic year,” said Jaclyn Fitts, executive VP of CBRE. “The asset’s irreplaceable location, impressive amenities coupled with UArizona’s enrollment growth and robust market fundamentals created a perfect opportunity for buyers.”
Located at the East 2nd Street entrance along North Park Avenue, The Parker boasts the premier pedestrian location in the market. The property is located across the street from the Fox School of Music and is a short walk to the Student Union, the College of Education, and many engineering buildings and libraries. Main Gate Square–the premier shopping and entertainment district for students–is located just a block and a half from The Parker.
The LEED Silver®-certified building offers a range of unparalleled amenities and luxury features. Its contemporary clubhouse includes study spaces, a social lounge, a fitness center, and a community kitchen. There are also dedicated study lounges and private rooms on the second and eighth floors. Outdoor amenities include a turfed courtyard with seating areas, a fire pit, cornhole, and a rooftop pool and lounge with panoramic views of campus and the nearby mountains.
The property also has an on-site Chase Bank. The units are fully furnished with modern finishes and features such as granite countertops and stainless-steel appliances. There are one to six-bedroom options, with most units offering bed-to-bath parity.
