Denver — Cardinal Group Cos. has recapitalized an eight-property portfolio of student housing communities totaling 5,505 beds. The portfolio consists of mid-rise and garden-style properties located near Tier I universities.
Prior to the recapitalization, the portfolio was held in a Cardinal-sponsored fund targeting value-add student housing acquisitions, with Makena Capital Management and The Townsend Group serving as lead investors. Further details on the properties were undisclosed.
“We are pleased to realize this investment for our investors and further expand Cardinal’s portfolio and track record,” says Madison Meier, senior vice president and head of capital markets for the Denver-based company.
“Our investment thesis has always focused on acquiring high-quality, well-located assets that could benefit from Cardinal’s operational expertise. We are proud to have successfully executed this strategy for our current partners.” Evercore Real Estate Capital Advisory served as financial advisor for Cardinal, and TSB Capital Advisors advised on debt for the portfolio acquisition.