Oak Brook, Ill. – Inland Real Estate Acquisitions, LLC (“Inland Acquisitions”) announced today that it negotiated and closed the purchase of a 484-bed student housing property in Tucson, Arizona. Mark Cosenza, senior vice president of Inland Acquisitions, with assistance from Brett Smith, VP 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 percent occupied and is 78 percent 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 fitness center with a yoga studio, a gated resident parking garage, a modern clubhouse, an on-site Chase bank and is pet friendly. A rooftop deck features a large pool, hot tub and poolside cabanas, outdoor fitness center, fully equipped outdoor kitchen and a courtyard with a fire pit, lounge seating and games. The property is immediately adjacent to the west side of campus and 1.5 blocks from the Main Gate Square restaurant and entertainment district.
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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About Inland Real Estate Acquisitions, LLC
Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.
About Core Spaces
Core Spaces (Core) is more than a real estate company, it’s a people company. Where building relationships is just as important as building properties. From researchers and architects to designers and operators, Core is made up of risk takers and dreamers who are on a mission to invent the future of living. Everything Core does stems from this culture of collaboration and innovation, and the drive to constantly improve the resident experience. This unique approach has led to creating spaces and services that are redefining the way people live.
Founded in 2010, Core is a vertically integrated company focused on acquiring, developing, managing, and lending across the student housing and build-to-rent (“BTR”) sectors. Its residential communities feature world-class amenities, progressive design, and hospitality-driven client service. In its award-winning student portfolio, Core currently owns and/or manages over 37,400 beds – and has a pipeline of over 35,000 beds in various stages of development. Core's BTR division currently has approximately 4,000 homes under development and in its pipeline in high growth metros across the country. For more information, visit www.corespaces.com.
