Cardinal Group Development and PGIM Break Ground on New Development Near Virginia Tech Campus
DENVER, Colo., Oct. 20, 2025 — Cardinal Group Development and PGIM Real Estate have begun construction on a 493-bed development at 501 South Main Street in Blacksburg, Virginia.
The new residential community is located a short walk from the Virginia Tech campus and downtown Blacksburg, students’ preferred entertainment district. The development will offer 215 units, 493 beds, and 17,456 square feet of retail space within two five-story buildings and 50 three-story townhomes built across 6.2 acres of land. Completion of the project is scheduled for summer of 2027 and will welcome students for the 2027/28 academic year.
The development will deliver an unmatched resident experience within walking distance to campus and the preferred entertainment node. Residents will have access to a community pool and gathering deck with hot tub and pool house, state-of-the-art fitness center, modern community clubhouse, and collaborative study lounges with amenities intentionally designed to support both academic and social pursuits. Each townhome will have a private, expansive rooftop terrace and two-car garage.
“We are thrilled to bring a unique living experience to Blacksburg” said Ryan McBride, Head of Development at Cardinal Group, “The community will fill out a vibrant new district on Main Street, walkable to campus and all downtown Blacksburg has to offer.”
“We love the fundamentals and recession-resilient potential of the student housing asset class,” said Soultana Reigle, Head of U.S. Equity for PGIM’s real estate business. “The supply -demand imbalance that we often see with on-campus housing at universities like Virginia Tech creates a strong case for purpose-built off-campus housing. We look forward to partnering with Cardinal Group on this much anticipated development.”
The Blacksburg development marks the latest milestone in Cardinal Group Development’s accelerated growth trajectory, following the recent opening of The Cove, Cardinal’s first development in Santa Barbara, California.
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. CGC’s management platform oversees over 50,000 units nationwide including over 108,000 student housing beds and 13,000 conventional across the U.S., including CGC’s owned portfolio and third-party managed properties. 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, CGC has developed several best-in-class initiatives, which have earned the company national recognition year after year.
To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.
About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets,1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.
PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration,2 and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1 As of June 30, 2025.
2 As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of June 30, 2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
Media Contact:
Cardinal Group
Email: PR@CardinalGroup.com
PGIM
Email: Pro-PGIMRE@prosek.com