Clarion Buys Student Housing Community in Tucson
- Oct 30, 2013
Clarion Partners, L.L.C. has acquired Retreat at Tucson, a 183-unit student housing community located in close proximity to the University of Arizona’s (U of A) main campus.
The acquisition was made on behalf of one of Clarion’s separate account clients. The price was not disclosed.
The newly constructed Retreat at Tucson is a “cottage-style” configuration, the only of its kind near the University of Arizona.
“Nearly 80 percent of the U of A’s students live in off-campus housing,” Dean Rostovsky, a director at Clarion Partners, said in a company release. “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.”
With more than 40,000 students, the University of Arizona is undersupplied in terms of on-campus housing, with only 17 percent of the total student population living in residence halls and no immediate plans to add any more. With 30 percent of its students coming from outside the state, the need for student housing is great.
The 774-bed project was completed in August 2013 and is currently 99.6 percent leased. According to Rostovsky, 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.
The community offers single bedroom occupancy with queen sized beds and feature private bathrooms. Community amenities include a resort-style pool, a clubhouse, a fitness center, a computer lab, study rooms and a golf simulator.
A shuttle bus will transport residents to and from campus, which is just 1.5 miles away. Additionally, two bike paths to campus are accessible from the site.