Cardinal Group and Virtus Acquire The Flats at Norman
DENVER, CO – May 17, 2024— Cardinal Group Investments (“Cardinal”), a Denver-based housing industry leader in student, conventional, and affordable multifamily housing property management and investments, and Virtus Real Estate Capital (“Virtus”), an Austin-based private equity firm, announce the acquisition of The Flats at Norman, an off-campus student housing property serving the University of Oklahoma.
The modern community boasts 612-beds and 204-units that offer residents a vibrant and inclusive community atmosphere. With its pedestrian location to The University of Oklahoma, The Flats at Norman offers residents a combination of comfort and convenience. While the apartments feature spacious floor plans and modern finishes, Cardinal’s value-add plans include upgrading unit interiors and improving common areas. Cardinal will also upgrade the pool area, refurbish the fitness center, and build out well-equipped study rooms, in addition to modernizing the clubhouse and upgrading the basketball court and volleyball area. These changes exhibit Cardinal’s commitment to further enhancing residents’ quality of life.
“We are thrilled with the acquisition of The Flats at Norman and to kick off our most recent partnership with Virtus,” said Ellie Nixon, Acquisitions Associate, Cardinal Group. “This acquisition reinforces our commitment to creating unparalleled living experiences for our residents in Norman, a market we have such strong conviction around. We believe in fostering vibrant communities where residents thrive, and The Flats at Norman perfectly embodies this vision. “
“We are excited to partner with Cardinal on the acquisition of The Flats at Norman” said Christopher Kott, Managing Director – Acquisitions, Virtus Real Estate Capital. “The University of Oklahoma is a great example of Virtus’ student housing investment strategy; invest in Tier I Public Power 4 Conference schools with strong enrollment growth tailwinds and limited new supply risk. The Flats at Norman offers quality housing at an affordable price point in a unique location within the market and we look forward to further improving the residents’ experience at the property.”
Ryan Lang, Jack Brett and Ben Harkrider with Newmark brokered the transaction. Tim Bradley and Austin Kinn, along with the TSB Capital Advisors capital markets team, advised on the debt for the acquisition.
Cardinal Group Management will manage the property, and Cardinal Group Real Estate Services will provide value-added construction management.
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.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 20 years, the Firm acquired 294 properties for a combined acquisition value of $6.6 billion and has fully realized 204 property investments. Virtus is privately held and is headquartered in Austin, Texas.
For more information, please visit www.virtusre.com.
Media Contact:
Cardinal Group
Ainsley Robinson
Email: Ainsley.Robinson@CardinalGroup.com