Cardinal Group and TPG Acquire Midtown Stillwater
DENVER, CO – January 25, 2023 – Cardinal Group Investments (“Cardinal”), a Denver-based real estate company, and TPG Real Estate Partners, the dedicated real estate equity investment platform of global alternative asset firm TPG, announced today that they have acquired Midtown Stillwater, a student housing community situated steps from the Oklahoma State University campus. Cardinal and TPG acquired the property as part of their ongoing joint venture focused on acquiring and growing high-quality student housing communities across key college and university towns in the US.
Located in Stillwater, Oklahoma, Midtown Stillwater boasts 823 beds and stands out as one of the most strategically located assets in the market, providing residents with unparalleled access to the vibrant atmosphere of the Oklahoma State University campus. Its prime location offers both convenience and views of Boone Pickens Stadium and the University’s main academic core from the rooftop pool.
“This marks our first investment in the Stillwater community,” comments Ellie Nixon, Acquisitions Associate for Cardinal Group Investments. “We look forward to implementing our fully integrated approach to managing Midtown Stillwater and are confident that our operational excellence and community improvements will enhance the living experience for our student residents.”
As part of Cardinal’s commitment to providing exceptional living experiences, considerable upgrades are planned for the Midtown Stillwater community. These enhancements will focus on refreshing and upgrading common areas, with special attention given to the rooftop pool, gym, study centers, and community courtyards. The goal is to create a dynamic and modern living environment that aligns with the evolving needs and expectations of the residents.
Sean Baird and Jonathan Holt with Colliers National Student Housing Group brokered the transaction. Tim Bradley and Austin Kinn, along with TSB’s capital markets team, advised on the debt for the acquisition.
The property will be managed by Cardinal Group Management, with value-add construction management provided by Cardinal Group Real Estate Services.
To learn more about the Midtown Stillwater community, please visit https://www.midtownsw.com/.
About Cardinal Group Companies
Cardinal Group Companies (“CGC”) is a fully integrated real estate management, investment, construction, development, 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. Cardinal Group Companies’ management platform oversees over 40,000 units nationwide, including 11,000 conventional and affordable housing units and over 90,000 student housing beds across the U.S., including Cardinal Group, Companies’ owned portfolio and third-party managed properties.
To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.