Cardinal Group Development and PGIM Begin Construction on Student Housing Community in Raleigh, NC
DENVER, Colo., Oct. 23, 2025 — Cardinal Group Development and PGIM recently broke ground on a new student housing development project near the North Carolina State University campus in Raleigh, North Carolina, which boasts strong enrollment growth, but as with many universities, capacity for on-campus housing can significantly lag student demand creating opportunity for off-campus resources.
The boutique-style project will feature 291 beds across 147 units with 1,818 square feet of retail space. Strategically located along the Hillsborough Street corridor, steps from the main campus entrance, the development will consist of five stories of apartments with ten two-story townhomes. Amenities include a rooftop terrace, state-of-the-art fitness center, collaborative study lounges, and a ground-floor pool connecting seamlessly with adjoining amenities and apartments. The development is scheduled for completion in summer of 2027 and will welcome students for the 2027/28 academic year.
“We’re excited to deliver a truly boutique-style living experience in Raleigh,” said Ryan McBride, Head of Development at Cardinal Group. “This smaller scale community allows for a more focused approach to resident engagement and purposely crafted spaces, attracting the student demographic who values a quieter, highly amenitized pedestrian housing option.”
“We are pleased to partner with Cardinal Group on this exciting development project, said Soultana Reigle, Head of US Equity for PGIM’s real estate business. “Student housing is a resilient, high-demand asset class, and strong pre-leasing trends coupled with a clear path for sustained rent growth make this investment a strategic win for PGIM and our partner.”
The Raleigh project marks the latest milestone in Cardinal Group Development’s expansion, following the successful delivery of The Cove, the company’s first development in Santa Barbara, California.
About Cardinal Group Companies
Cardinal Group Companies (“CGC”) is a fully integrated real estate management, investment, construction, consulting, and marketing firm focused on multifamily and student housing throughout the country. CGC’s management platform oversees over 50,000 units nationwide including over 108,000 student housing beds and 13,000 conventional across the U.S., including CGC’s owned portfolio and third-party managed properties. Headquartered in Denver, Colorado, CGC affiliate companies are all firmly built atop the company’s “Cardinal Culture.” Since 2007, CGC has been operating successful partnerships, focused on creating efficiency and above-market performance via their commitment to challenging the status quo of the industry. To date, CGC has developed several best-in-class initiatives, which have earned the company national recognition year after year.
To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.
About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets,1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.
PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration,2 and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1 As of June 30, 2025.
2 As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of June 30, 2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
Media Contact:
Cardinal Group
Email: PR@CardinalGroup.com
PGIM
Email: Pro-PGIMRE@prosek.com