Cardinal Group Management Wins Best Turnaround Project/Value-Add at 11th Annual Innovator Awards at Student Housing Business InterFace Conference
DENVER, CO – July 16, 2021 – Cardinal Group Management (CGM) was awarded the Student Housing Business, Best Turnaround Project/Value Add Innovator Award during the 2021 InterFace Student Housing conference. CGM took home the Best Turnaround Project/Value Add award for The Lodges at 777 in Baton Rouge, Louisiana.
CGM assumed management of the 1,290-bed student housing community in October 2019. The property presented numerous challenges; from staffing and maintenance issues, and a well established poor reputation. Under CGM’s management, a two-year reposition business plan was created and enacted by our onsite team members. The community saw a 39% increase in NOI in the first year of management. The community achieved 100% pre-lease for 2020-2021 and has a 45.6% total increase in NOI since takeover of the asset.
“What an accomplishment it is to be awarded Best Turnaround Project for the second year in a row,” said Senior Vice President, Jennifer Cassidy. “Our onsite teams work tirelessly to provide a best-in-class experience to our team members, clients, and residents alike. The successful turnaround of The Lodges at 777 is a direct reflection of our commitment to rising to the challenge and using creativity to improve communities for our residents.”
The prestigious Innovator Award is presented to student housing developers, owners, operators, architecture firms and universities for excellence in student housing development, marketing, and operations. This back-to-back award marks the 5th time CGM has been awarded the Best Turnaround Project/Value Add Innovator award in its 11-year history.
For additional details about the Innovator Awards, visit Student Housing Business website at https://www.studenthousingbusiness.com/11th-annual-innovator-awards-honor-best-in-the-industry/.
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 80,000+ student housing beds 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.