Recap Header 1024x384 - Cardinal Group Companies Announces Recapitalization of an 8-Property Student Portfolio

DENVER, CO – May 2, 2022 – Cardinal Group Companies (CGC), an industry leader in student, conventional, and affordable housing investments and property management, announced a recapitalization of their eight-property student housing portfolio totaling 5,505 beds.

The portfolio is located in Tier I universities across the United States and consists of mid-rise and garden-style communities in close proximity to their respective university campuses. Prior to the recapitalization, the portfolio assets were held in a 2017-vintage Cardinal sponsored fund targeting value-add student housing investments, with Makena Capital Management and The Townsend Group serving as the lead investors.

“We are pleased to realize this investment for our investors and further expand Cardinal’s portfolio and track record. Our investment thesis has always focused on acquiring high-quality, well-located assets that could benefit from Cardinal’s operational expertise. We are proud to have successfully executed this strategy for our current partners,” said Madison Meier, SVP, Head of Capital Markets, Cardinal Group.

“We formed this partnership several years ago to aggregate a high-quality portfolio of student housing assets with a proven sponsor in Cardinal Group. While the pandemic created unique challenges for the entire industry, these assets remained resilient, with occupancies and rents recovering through Cardinal’s focused execution. We are pleased with the outcome and the ability to realize strong returns for our investors as part of this sale,” said Jonathan Van Gorp, Managing Director, Makena Capital Management.

Evercore Real Estate Capital Advisory served as the exclusive financial advisor for Cardinal and TSB Capital Advisors advised on the debt for the portfolio acquisition.

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

About Makena Capital Management

Makena Capital Management is a leading endowment-style investment manager based in Menlo Park, CA. Makena partners with long-term pools of capital seeking to preserve and grow assets for the next generation of stewards. To achieve this, Makena invests across a diversified set of traditional and alternative asset classes with an emphasis on private investments. Our investment solutions and collaborative service model are tailored to meet the unique needs of our clients.

For more information, please visit

About The Townsend Group

The Townsend Group (“Townsend”) was founded in 1983 by Terry Ahern and Kevin Lynch. On December 29, 2017, Aon (NYSE: AON) completed its acquisition of The Townsend Group. Townsend is now a wholly-owned subsidiary of Aon, within Aon’s Global Retirement and Investments business segment. Townsend provides a core set of investment skills, exclusively focused on global real estate and real asset classes. Townsend is actively engaged in providing investment management services to its discretionary clients, which includes directing, on its clients’ behalf, the investment of client assets. Townsend also provides investment advice to its non-discretionary clients, which allows clients to invest their own assets after studying Townsend’s recommendations or research. Townsend provides these custom investment solutions to help meet the needs and objectives of its clients’ investment programs using primary funds, secondaries, joint ventures and co-investments, among other types of investment solutions. These custom solutions may also include real assets such as timber, agriculture and infrastructure. Townsend employs a full-time, dedicated team responsible for developing and maintaining a global perspective on these sectors and available opportunities. Headquartered in Cleveland, Ohio, the firm has dedicated Townsend offices in San Francisco, London, and Hong Kong. Two Aon designated offices also house Townsend employees in Chicago and Toronto.

Media Contact:
Cardinal Group
Ainsley Robinson