The Parker Tucson sold for $132.5 million ($1.02 million per unit), setting a new Tucson record sale price of over $1 million per unit and $274,896 per bed. The project is adjacent to the University of Arizona campus. The eight-story complex has 130 units/482 beds with 213,000 square feet of living space.

Real Estate Daily News reported Sterling University Housing was the developer and acquired the land in 2019 from the adjoining Chase Bank at the southwest corner of Park Ave. and First Street. Sterling University paid $16.67 million for the land. The buyer is an affiliate of Inland Prime Capital.

The rooms ranged from studio to five bedrooms. The property was 99% occupied at the time of sale.

Amenities include a rooftop deck with a hot tub and a large pool with in-pool chaise lounge seating; poolside cabanas; large outdoor TVs; fully-equipped outdoor kitchen; and an on-site Chase Bank branch on the ground floor.

CBRE’s Jeff Casper led the Tucson team.  Jaclyn Fitts led a Dallas team that represented the seller

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