TPG Real Estate Partners and Cardinal Group Acquire Millennium, a 698-bed Student Housing Community in Norman, Oklahoma
TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of global alternative asset firm TPG, and Cardinal Group Companies (“Cardinal Group”) announced today that they have closed on their acquisition of Millennium Norman, a 698-bed student housing community in Norman, Oklahoma. The transaction represents the eleventh asset acquired by TREP and Cardinal as part of a joint venture formed in 2020 to source and acquire high-quality student housing portfolios.
The Millennium Norman is a 196-unit, mid-rise community that provides students at the University of Oklahoma with an upscale housing option within walking distance to campus. The community includes several amenities and is situated close to the sports stadium and nearby Campus Corner, as well as Norman’s popular shopping, dining, and entertainment district.
“The city of Norman has been a focus of Cardinal Group and TREP as we continue our venture together. The city has experienced strong growth over the past few years, making it an opportune time to enter the market,” said Greg Martini, SVP Head of Student Housing Investments, Cardinal Group. “Cardinal Group and TREP believe Millennium is an excellent addition to our high-quality real estate portfolio, and we look forward to serving the students of The University of Oklahoma.”
TREP and Cardinal Group plan to boost the community’s offerings through in-unit renovations and enhanced common areas. They also intend to improve the community’s electricity and water conservation capabilities. Community upgrades will include a modern refresh of paint and color schemes, upgrading a portion of units with smart home technology packages, enhancing the package system and mailroom, updating common area furniture, and refreshing the fitness center and study rooms.
The portfolio was marketed for sale by CBRE’s National Student Housing Team as a representative of the seller. CBRE advised on the debt for the acquisition, which was added to the Fannie Mae credit facility that was formed for the Cardinal Group and TREP joint venture. The property will be managed by Cardinal Group Management, with value-add construction management provided by Cardinal Group Construction.
About TPG Real Estate Partners
TPG Real Estate Partners (“TREP”) is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $5.3 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $108 billion of assets under management with investment and operational teams in 12 offices around the world.
For more information, visit www.tpg.com.
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 89,000 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.
Leslie Shribman and Courtney Power