Cardinal Group Investments and StepStone Group Announce the Recapitalization of Copper Social Serving Kennesaw State University
DENVER, CO – November 29, 2023 – Cardinal Group Investments (Cardinal), a Denver-based real estate company and leader in student housing investments and property management, announced the successful formation of a new partnership with StepStone Real Estate, the real estate arm of global private markets investment firm StepStone Group Inc. (Nasdaq: STEP), and the closing of a GP-led secondary in Copper Social, a student housing property located in Marietta, Georgia at Kennesaw State University. Cardinal initially purchased the asset in 2020 with TPG Real Estate Partners, the dedicated real estate equity investment platform of TPG.
Cardinal and StepStone plan to elevate the community’s finishes through interior upgrades to the in-unit flooring and updating the pool area with new furnishings. The business plan also includes integrating Cardinal’s centralized services platform, CX3, into community operations, helping drive operational efficiencies aimed at reducing operating expenses while improving customer experience.
Copper Social is well-positioned within its market as an attractive housing option for students who are seeking spacious, yet affordable student housing near campus. It has continually proven to be a popular option among Kennesaw State University students due to its prime location, townhome-style product, and strong amenity set.
“We are excited to realize another successful exit for TPG and continue driving value at Copper Social through our new partnership with StepStone Real Estate. Copper Social has performed exceptionally well since acquisition, and the capital improvements we have planned will only increase its value with students and the community,” said Madison Meier, SVP, Head of Capital Markets, Cardinal Group Investments.
“Student housing in a growing and supply-constrained market is one of our high-conviction investment targets,” said John Waters, Partner and Head of Investments at SRE. “We are excited to be partnering with a best-in-class manager like Cardinal Group Investments to execute this strategy,” he added.
Evercore acted as financial advisor on the transaction, and TSB Capital Advisors procured the debt for the 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. CGC’s management platform oversees nearly 90,000 student housing beds and nearly 40,000 total units across the U.S., including CGC’s owned portfolio and third-party managed properties.
To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.
Media Contact:
Ainsley Robinson