TPG Real Estate Partners and Cardinal Group Acquire Park East, a 732-bed Student Housing Community in Lubbock, Texas
Cardinal Group Companies (“Cardinal Group”) and TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of global alternative asset firm TPG, announced today that they have closed on their acquisition of Park East, a 732-bed student housing community in Lubbock, Texas. The transaction represents the twelfth investment by TREP and Cardinal as part of a joint venture formed in 2020 to source and acquire high-quality student housing portfolios.
Park East is a 217-unit, mid-rise community that provides students at Texas Tech University with an upscale housing option within walking distance to campus. The community includes several luxury amenities and is situated within North Overton Park, a mixed-use urban community with living and shopping. The property’s proximity to campus offers students quick access to the university and the nearby Jones AT&T stadium, home of the Texas Tech Red Raider football team.
“As we seek high-quality student housing investments through our joint venture, we look for the backdrop of growth that we’re seeing in the city of Lubbock and, specifically, the Texas Tech market ,” said Robert Galván, Acquisitions Associate, Cardinal Group Investments. “Cardinal Group and TREP believe the Park East community will provide an attractive housing option to the students of Texas Tech University because of its upscale offering and prime location.”
Cardinal Group and TREP plan to boost the community’s offerings through in-unit renovations coupled with significant upgrades to the Property’s common areas, amenities, and utility infrastructure. Community upgrades will include a complete repositioning of the fitness center, significant upgrades to the pool, entryway, game room and courtyard, the addition of state-of-the-art study and collaboration rooms, as well as a refresh of the bark park.
CBRE assisted in the sale and 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 $5.5 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 $109 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