Cardinal Group Companies Recognized With Two SHB Innovator Awards At InterFace Student Housing Conference
Press Release – DENVER, CO – April 16, 2019 – Cardinal Group Companies, a fully-integrated, real estate management, investment, construction, marketing, and development firm, was recognized with two Student Housing Business Innovator Awards at the 2019 InterFace Student Housing Conference. The 11th annual conference was held in Austin, Texas from April 8-10, 2019 and sponsored by France Media’s Student Housing Business magazine and InterFace Conference Group.
More than 10 leaders attended the conference to represent Cardinal Group Companies. Cardinal Group has won twelve Innovator awards in a wide variety of categories and has taken home more marketing related Innovator Awards than any other company. The awards received this year were for Best Marketing & Lease-Up Program for Cottages at Lake Tamaha and Best Renovation of Existing Project at Westmar Student Lofts.
The marketing for Cottages at Lake Tamaha in Tuscaloosa, AL was executed by Agency FIFTY3 and Cardinal Group Management. The collaboration between our marketers, management, and onsite teams created an identity that not only encompassed a new name and brand, but also community renovations, updates, and a one-of-a-kind student housing experience with it’s unique Camp Tamaha identity and theme. New materials included a marketing stack, website, lakeside amenities, videos, collateral, merchandise, and two conceptual marketing campaigns. All of these components combined to create one of Cardinal Group’s most memorable and effective marketing and lease-up successes.
The results were shown by a ORA score increase from 69 to 77 ORA and an average pre-lease of 61% whereas market average is 44%. Year over year the NOI is up more than 20% and effective rental rates are up more than 10%.
The renovation project at Westmar Student Lofts in Midtown Atlanta, GA was managed by HighSide Construction Management. Andrew Ellis, the Director of Project Management, said “We view ourselves as more than just construction managers. We try to understand how we can best align the materials and product selections to support the marketing and branding strategy.” With this mindset and strategic partnerships set in place, HighSide renovated 223 units at Westmar. It incorporated new elite and luxury units to the property that was built in 2005, which brought it up to date and made it highly competitive with brand new buildings. 93 units were transformed into elite units with granite countertops, stainless steel appliances, cabinetry, furniture package, lighting, TV, pillow-top mattresses, and a designer paint scheme. Another 130 units were upgraded to luxury apartments, and nearly every amenity space was improved. This is the second time that Cardinal Group has won the innovator award for Best Renovation at Westmar Student Lofts, which speaks to the company’s unique approach to creating value at the same asset.
The results were that effective rental rates are up 12% year over year and NOI has increased by 56%. There was also a 60% increase in resident satisfaction of units according to the ORA score. The value-add plan called for $7.95 million in capital improvements to unit interiors, amenity areas, and green initiatives. Not only was it successfully completed on time, but national procurement strategy allows HighSide to save cost on materials and it was also 13% under budget.
“We are honored by these two recognitions from the prestigious Innovator Awards,” said Del de Windt, Cardinal Group Companies’ Chief Executive Officer. “Cardinal Group is proud of the efforts from our onsite operators and their ability to execute the plan put in place by our collective companies. The Cottages and Westmar team’s should be proud of the success and their contributions to the organization. Agency FIFTY3, Cardinal Group Management, Cardinal Group Investments and HighSide Construction Management continue to show the student housing sector how effective our fully integrated property management company can be. We look forward to continued success in the future.”
About Cottages at Lake Tamaha
A CGC community in Tuscaloosa, AL that offers luxury rental apartments in craftsman-style cottages on a lakefront property near the University of Alabama.
A CGC community in Midtown Atlanta, GA that offers luxurious lofts and one of Atlanta’s best amenity suites including a massive pool, rooftop running track with city views, and private shuttles to five nearby campuses.
About InterFace Student Housing Conference
This is the student housing industry’s most important event — more than 1,300 of the industry’s top players attend and participate.
About InterFace Conference Group
InterFace Conference Group produces more than 30 conferences each year, providing educational content and networking opportunities for commercial real estate professionals.
About Agency FIFTY3
Agency FIFTY3 is a full-service agency based in Denver, CO. They’re a group of creatives, analysts, strategists, creators, artists, and marketing scientists who have joined forces from all over the country. They offer a variety of services that work hand-in-hand with each other. They’re everything you need in one place.
About HighSide Construction Management
Highside Construction handles design and construction management across the nation. The team is comprised of professionals with extensive experience in due diligence, the underwriting process, long-term capital planning, and budgeting.
About Cardinal Group Companies
Cardinal Group is a fully integrated real estate management, investment, construction, and marketing firm focused on multifamily housing throughout the country. Headquartered in Denver, Colorado with offices throughout the United States, Cardinal Group is firmly built atop the company’s “Cardinal Culture.” Since 2007, the company has been operating successful partnerships and is relentlessly focused on creating efficiency and above market performance via their commitment to challenging the status quo of the industry. To date, Cardinal Group 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.