Harrison Street JV Sells $133M Student Community
This is the second deal of 2024 between the buyer and seller.
A joint venture between Harrison Street and The Dinerstein Cos. has sold The Parker, a 484-bed student housing community in Tucson, Ariz., serving the University of Arizona. An Inland Real Estate Group affiliate acquired the asset for $132.5 million, according to public records.
Inland Real Estate Acquisitions facilitated the deal on behalf of the buyer, while CBRE Executive Vice President Jaclyn Fitts, Senior Vice Presidents William Vonderfecht and Casey Schaefer, along with First Vice President Jeff Casper worked on behalf of the seller.
Last year, Fitts, Vonderfecht and Schaefer represented Pierce Education Properties and Nuveen Real Estate in the sale of The Connection at Athens, an 876-bed student community in Athens, Ga. Priderock Capital Partners purchased the asset for $68.5 million.
A LEED Silver community
The developer obtained a $50.3 million construction loan originated by JPMorgan Chase Bank in July 2019, according to Yardi Matrix information. The community came online two years later.
The 10-story building consists of studio, two-, three-, five- and six-bedroom floorplans, ranging from 392 to 2,164 square feet. The fully furnished apartments feature washers, dryers and walk-in closets in select layouts. The community also has 5,700 square feet of retail space.
Common-area amenities at the LEED Silver property include a fitness center, private and group study rooms, an outdoor courtyard with fire pit, lounge seating and games, as well as a rooftop deck with hot tub and a social lounge. Additionally, the community has a swimming pool with cabanas, a yoga studio and an outdoor kitchen.
Located at 947 N. Park Ave., The Parker is across the street from the University of Arizona’s campus and some 2 miles from downtown Tucson. Tucson Mall is within 5 miles, while Tucson International Airport is 9 miles south.
Inland Group’s growing student housing footprint
The sale of The Parker marks the second deal this year between Harrison Street and an Inland Group affiliate. In January, Inland Real Estate Acquisition bought Epoch Clemson, a 994-bed community in Seneca, S.C.
This month, the company, in partnership with Peerless Development and Core Spaces, received a $102.1 million construction loan for HUB Tallahassee, less than 1 mile from Florida State University. The 1,316-bed is scheduled for completion in fall 2026.
