Clarion Acquires Student Housing Near University of Arizona
- Oct 30, 2013
Tucson, Ariz.—Clarion Partners LLC has announced the acquisition of the 183-unit student housing community, Retreat at Tucson, which serves the student population of the nearby University of Arizona. The acquisition was made on behalf of one of Clarion’s separate account clients.
The newly constructed Tucson, Ariz., community was completed in August 2013 and is currently 99.6 percent leased. It is located about 1.5 miles from the U of A, which has a total student population of more than 40,000, with 30 percent of the undergraduate population attending from out-of-state.
“Nearly 80 percent of the U of A’s students live in off-campus housing,” says Dean Rostovsky, director at Clarion Partners. “Retreat at Tucson experienced strong demand during its initial lease-up and was fully pre-leased by January, 2013, a time at which the broader market was only half-leased.”
The “cottage style” community features a student-pleasing resort-style swimming pool, fitness center, golf simulator, game and study rooms, and a full-sized beach volleyball court. Student transportation needs are served by a shuttle that goes to and from the U of A, as well as two bike paths that lead to the campus.
All bedrooms within the 774-bed are single occupancy and feature queen-sized beds and private bathrooms.
“Retreat at Tucson represents an attractive value proposition to students and their families as evidenced by its strong current occupancy and renewal leasing momentum for next school year,” Rostovsky says.