Cardinal Group Management Beats Lease Expectations, Assists Developers in Sale of Class A Developments
DENVER, CO – June 8, 2021 -Denver-based Cardinal Group Management recently announced two ground up developments that it offered property management services to have sold. The two communities, West 38th and Alexan 20th, totaled over 500 class-A units.
West 38, located in Wheat Ride, CO is a 165-unit community, containing an additional 7,800 square feet of ground floor retail space. The project delivered in mid-February and was only open for three weeks prior to the onset of the COVID-19 pandemic and statewide “Shelter in Place” orders. Despite the unprecedented challenges brought on by the pandemic, the onsite Cardinal team fully leased the property and achieved stabilization within eight months – exceeding the pre-pandemic expectations.
Agency FIFTY3, Cardinal’s marketing partner, crafted the brand for West 38th. As the COVID-19 pandemic began to change the onsite leasing operations, Agency FIFTY3 quickly pivoted the project’s marketing efforts to support the onsite team’s hybrid leasing model to support COVID regulations.
“The success of this lease up is a testament to the focus, quality and adaptability of the entire Cardinal organization.”, said Tyler Downs, Principal, Wazee Partners. “While we initially had no intention of selling, the strength of the lease-up helped attract the attention of prospective buyers. During our sale marketing efforts, the initial lease-up success and the strong re-leasing performance by Cardinal helped drive additional value. At all times, the Cardinal team was focused, responsive, and professional.”
“Cardinal has a long track record of successful lease-ups, especially here in Denver. These two communities join a long list of Class-A communities here in Denver that our team have brought to life and welcomed new residents to their new homes. From Downtown to Wheat Ridge, to Sloans Lake to SoBo – Cardinal has achieved success all over the Denver MSA.”, said Alex O’Brien, CEO, Cardinal Group Companies.
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. 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, Cardinal Group Companies has developed several best-in-class initiatives, which have earned the company national recognition year after year. CGC’s management platform oversees 80,000+ student housing beds across the U.S., including CGC’s owned portfolio and third-party managed properties.
To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.