Cardinal Group and TPG Real Estate Partners Acquire The Element Portfolio, a 383-bed Student Housing Portfolio in Eugene, Oregon
DENVER, CO – June 4, 2021 – Cardinal Group Investments (“Cardinal Group”) and TPG Real Estate Partners (“TREP”), announced today that they have closed on their acquisition of The Element Portfolio, a four property student housing portfolio. The transaction represents the tenth investment Cardinal and TREP have made together as part of a joint venture formed in 2020.
The 383-bed portfolio serves students at the University of Oregon and offers students a boutique housing option within walking distance of campus and the nearby downtown neighborhood. With four separate communities, the portfolio offers a diversified set of units and amenities to attract a variety of residents. Each community has its own unique aesthetic, and together the portfolio allows for increased efficiencies through shared resources and strong market recognition.
“We are excited to enter the Eugene market with TREP as we continue to add high-quality properties to our student housing portfolio. We look forward to investing in the assets to best serve current and future students at the University of Oregon.” said Greg Martini, VP Acquisitions of Cardinal Group.
Cardinal Group plans to boost the communities’ offerings through in-unit renovations, furnishing the units at three communities, and enhancing amenity spaces. Unit upgrades will include updated flooring, stainless appliances, new faucets and bathroom vanities, and new paint throughout.
The properties will be managed by Cardinal Group Management with value-add construction management provided by Cardinal Group Construction and marketing and branding services offered by Agency Fifty3, all affiliates in the Cardinal Group Companies family.
The portfolio was marketed for sale by Peter Katz of Institutional Property Advisors as a representative of the seller. CBRE advised on the debt for the acquisition, which was added to the Fannie Mae credit facility that was formed for the Cardinal Group and TREP programmatic joint venture.
About Cardinal Group Companies
The Cardinal Group Companies 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, Cardinal Group Companies’ affiliate companies are all firmly built atop the company’s “Cardinal Culture.” Since 2007, the company has been operating successful partnerships and is 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 75,000+ 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 approximately $5.6 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. The foundation of TREP’s investment strategy is a research and data-driven approach to investment theme generation, allowing it to be highly selective in identifying the most compelling opportunities in specific sectors and geographies. During its ownership, TREP’s value creation strategies focus on driving returns across three critical dimensions: the optimization of property-level performance, the aggregation and curation of strategically aligned portfolios, and the enhancement of platform capabilities. These strategies are frequently pursued in partnership with dedicated management teams.
TPG was founded in 1992 and now has more than $91 billion of assets under management with investment and operational teams in 12 offices around the world. For more information, visit www.tpg.com
Luke Barrett and Courtney Power