Updated Dec 4, 2024
CBRE Brokers Sell The Parker Tucson Student Housing For Record $132.5M
947 North Park Avenue
$132,500,000
Units
130
Asset Type
Student Housing
Closing
Mar 25, 2024
About this deal
AI
The Parker Tucson, a student housing asset located at 947 North Park Avenue in Tucson, AZ, was recently sold for a record-breaking $132,500,000. Developed by Sterling University Housing, this eight-story complex features 130 units with 482 beds. It boasts amenities such as a rooftop deck, poolside cabanas, an outdoor kitchen, and even houses an on-site Chase Bank branch.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $132,500,000
- Market: Tucson, AZ
- Brokers: Jaclyn Fitts & Jeff Casper - CBRE
The sale of The Parker Tucson, adjacent to the University of Arizona campus, for $132.5 million, marks a significant milestone in Tucson's real estate history. The involvement of brokers Jaclyn Fitts and Jeff Casper from CBRE showcases the expertise and professionalism behind this monumental transaction.
On the Map
$132,500,000
Student Housing
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Tucson Student Housing Market Snapshot
Boundary boundary · Student Housing · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93