Cardinal Group and TPG Real Estate Acquire The Village on Telluride, a 1,116-bed Student Housing Community in San Marcos, Texas

DENVER, CO – May 13, 2022 – Cardinal Group Companies (“Cardinal Group”) and TPG Real Estate Partners (“TREP”) announced today that they have closed on their acquisition of The Village on Telluride, a 1,116-bed student housing community in San Marcos, Texas. The transaction represents the thirteenth investment by TREP and Cardinal as part of a strategy to source and acquire high-quality student housing portfolios.

The Village on Telluride is a purpose-built student housing community serving students attending Texas State University. Built in 2011, the community is less than a mile from campus and provides an easy commute via bike or walk to campus. The 385-unit community includes several luxury amenities, including two resort-style pools with poolside grills, an upgraded two-story fitness center, and a fully renovated clubhouse.

“Continuing our student housing investment strategy, Cardinal Group and TREP look to capitalize on the high-growth Texas student housing market opportunities. Texas State University (TSU) in San Marcos, TX stands out with its excellent supply/demand fundamentals and well-diversified product offerings such as Village on Telluride,” said Robert Galván, Senior Acquisitions Associate, Cardinal Group Investments. “Cardinal Group and TREP believe the Village on Telluride community will provide an attractive housing option to TSU students in search of cottage-style homes with best-in-class amenities.”

Cardinal Group and TREP plan to boost the community’s offerings through in-unit renovations coupled with upgrades to the Property’s common areas, amenities, and utility infrastructure. In-unit renovations will include furnishing the remaining units, upgrading appliances to stainless steel, replacing countertops and cabinet finishes, repainting units, and upgrading flooring. Community upgrades will include significant upgrades to the poolside grilling stations and updating the pool area with new furnishings and a basketball court expansion.

Institutional Property Advisors (IPA) brokered the transaction, and CBRE’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 Construction.

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. 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.

About TPG Real Estate Partners

TPG Real Estate Partners (“TREP”) is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $10.5 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $109 billion of assets under management with investment and operational teams in 12 offices around the world.

For more information, please visit www.tpg.com.

Media Contact:
Cardinal Group
Ainsley Robinson
Email: Ainsley.Robinson@CardinalGroup.com

TREP
Leslie Shribman and Courtney Power
Email: media@tpg.com