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Inland Acquires Student Housing Property at the University of Arizona

Inland Real Estate Acquisitions LLC negotiated and closed the purchase of a 484-bed student housing property in Tucson, Ariz. Mark Cosenza, senior vice president of Inland Acquisitions, with assistance from Brett Smith, vice president and associate counsel of The Inland Real Estate Group LLC, Law Department, completed the transaction on behalf of an Inland affiliate.

The 131-unit property, named The Parker, was developed in 2021 and consists of 13 studio, 52 two-bedroom, seven three-bedroom, 46 four-bedroom, 20 five-bedroom, and 19 six-bedroom units. Each unit is fully furnished with wood-style flooring, modern furniture, memory foam mattresses in each bedroom, TVs in each living room, private locks on bedroom doors, granite countertops, a full-size washer and dryer, valet trash service, and electronic key card access.

“The Parker was an attractive acquisition due to its prime location directly across the street from the University of Arizona’s main walking thoroughfare, consistent occupancy rates and the university’s projected enrollment growth,” said Cosenza. “Inland continues to be bullish on acquiring student housing properties and we intend to purchase 10 or more of these before the end of this year.”

The Parker is currently 99.5% occupied and is 78% pre-leased for the 2024/2025 school year. Core Spaces will be managing the property and brings years of experience operating student housing in Tucson. This is the company’s fifth asset under management/development in the market, totaling 2,400 beds.

A LEED Silver Certified community, The Parker also features private and group study rooms, a rooftop deck and pool, a fitness center with a yoga studio, a gated resident parking garage, a modern clubhouse, an on-site Chase bank and is pet friendly. The property is immediately adjacent to the west side of campus and 1.5 blocks from the Main Gate Square restaurant and entertainment district.

Inland Acquisitions negotiated and closed a joint venture for a Southeast student housing development on a qualified opportunity zone in Tallahassee, Fla., last month.

Since inception, Inland Acquisitions has facilitated more than $55 billion of purchases across all asset types, with a more recent focus on student housing, multifamily, self-storage, senior living and manufactured housing communities.

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