Cardinal Group Investments Acquires Quarry Trail in Knoxville, Tennessee
DENVER, CO – September 10, 2024— Cardinal Group Investments (“Cardinal”), a Denver-based real estate company, and Virtus Real Estate Capital (“Virtus”), an Austin-based private equity firm, announce the acquisition of Quarry Trail, an off-campus student housing property in Knoxville, Tennessee.
Quarry Trail offers 840 beds across 252 units, creating a vibrant and welcoming environment for students. Located just a short distance from campus, this property is designed to support residents’ academic and personal lives, making it a top choice for student living.
The community features well-appointed apartments with private bedrooms and modern finishes. Cardinal plans to implement strategic value-add enhancements, including kitchen renovations with upgraded countertops, sink hardware, and refreshed backsplashes. Lighting throughout the apartments will be updated to enhance ambiance and energy efficiency, and a fresh coat of paint will revitalize the living spaces. Additional building system updates will maximize the efficiency and longevity of the asset.
Improvements will also extend to community spaces, fostering a more dynamic and engaging environment. The clubhouse and fitness center will undergo a complete remodel, featuring the latest equipment and upgraded common areas. The study spaces and meeting room will be renovated to support academic success. Outdoor amenities will see significant upgrades, with the pool area and dog park redesigned to create welcoming and functional spaces for relaxation and socialization.
“Quarry Trail represents an exciting expansion of our portfolio and underlines our commitment to cultivating vibrant residential communities. Our targeted improvements are designed to maximize Quarry Trail’s potential and deliver exceptional value to the student community in Knoxville,” said Andrew Dewispelaere, Senior Acquisition Associate at Cardinal Group. “We are proud to grow our strategic relationship with Virtus Real Estate Capital following this partnership’s second acquisition of the year.”
“We are thrilled to expand our partnership with Cardinal through the acquisition of Quarry Trail,” said Matt Powers, Vice President at Virtus. “Quarry Trail is a prime example of Virtus’ commitment to investing in well-positioned assets at Tier I universities that demonstrate robust enrollment growth and strong demand fundamentals.”
Chris Epp of Walker & Dunlop brokered the transaction, and William Baker and William Shell of Walker & Dunlop facilitated debt procurement.
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 is one of the longest tenured private equity real estate fund managers in the U.S. focused exclusively on cycle resilient needs-based property sectors, such as healthcare, education, storage, and middle-income workforce housing. The Firm was founded in 2003 in Austin, TX and has acquired or developed nearly 300 commercial properties totaling approximately $7 billion throughout the U.S. Virtus is known across the industry for its deep expertise in social infrastructure sectors and its commitment to people, which is driven by a strong corporate culture around its four core values: Thoughtful Evolution, Resilience, Honorable Action, and Purposeful Work.
For more information, please visit www.virtusre.com.
Media Contact:
Cardinal Group
Ainsley Robinson
Email: Ainsley.Robinson@CardinalGroup.com