The Parker Tucson at 947 N Park Avenue, a luxury student housing complex with 130 units / 482 beds in 213,400 square feet living space in an 8-story LEED Silver Certified community. The project is adjacent to the University of Arizona campus.
The Parker Tucson sold for $132.5 million ($1.02 million per unit and $621 PSF), setting a new record sale price of over $1 million per unit and $274,896 per bed.
Amenities include Private and group study rooms, an outdoor resident courtyard with a fire pit, lounge seating, and games; a social lounge with kitchen, TVs, games, and plenty of seating; a rooftop deck with a hot tub and a large pool with in-pool chaise lounge seating; poolside cabanas; large outdoor TVs; fully-equipped outdoor kitchen; yoga studio, and an on-site Chase Bank branch. There is also a package locker system for deliveries, a gated resident parking garage, and a large fitness center. The ground floor is retail
Apartment amenities include gray wood-style flooring, a modern furniture package, valet trash service, a full-size in-unit washer and dryer, electronic key card access, Whirlpool stainless steel appliances in select units, wood cabinets, TVs included in the living room, memory foam mattresses, Walk-in closets in select units, expansive kitchen islands in select units, granite countertops, and 2-story townhouse units.
Chicago-based Sterling University Housing was the developer and acquired the land in 2019 from the adjoining Chase Bank at the southwest corner of Park Avenue and First Street. Sterling University paid $16.675 million ($470 PSF) for the land.
Jeff Casper with CBRE’s Tucson office along with Jaclyn Fitts, Wiliam Vonderfecht, and Casey Schaefer with the CBRE Student Housing Team in Dallas represented the seller, Sterling University.
The buyer is an affiliate of Inland Prime Capital of Oak Brook, Illinois, and was self-represented.
