Charlotte, N.C. — A joint venture between Cardinal Group Cos. and TPG Real Estate Partners has acquired Arcadia Student Living, a 765-bed community located near the University of North Carolina at Charlotte.
Built in 2015, the community is located one mile from campus and offers 205 units. Shared amenities include a resort-style swimming pool with poolside grills; an upscale fitness center with a steam room and sauna; and a resort-style clubhouse with entertaining areas, study rooms and a computer lab.
The new ownership plans to implement capital expenditures including unit upgrades and common area and amenity enhancements. Upgrades are planned for the community’s pool, study areas and fitness center. A site for outdoor games and fire pits will also be added.
Peter Katz of Institutional Property Advisors (IPA) brokered the transaction and CBRE’s capital markets team advised on debt for the acquisition. The property will be managed by Cardinal Group Management with value-add construction management provided by Cardinal Group Construction.