TSB Capital Advisors assists Cardinal Group on recapitalization of 8-property portfolio


DENVER, CO — Cardinal Group Companies announced today the recapitalization of their eight-property student housing portfolio totaling 5,505 beds. The portfolio is located in Tier I universities across the United States and consists of mid-rise and garden-style communities in close proximity to their respective university campuses.

Evercore Real Estate Capital Advisory served as the exclusive financial advisor for Cardinal and TSB Capital Advisors advised on the debt for the portfolio acquisition.

Prior to the recapitalization, the portfolio assets were held in a 2017-vintage Cardinal sponsored fund targeting value-add student housing investments, with Makena Capital Management and The Townsend Group serving as the lead investors.

“We are pleased to realize this investment for our investors and further expand Cardinal’s portfolio and track record. Our investment thesis has always focused on acquiring high-quality, well-located assets that could benefit from Cardinal’s operational expertise. We are proud to have successfully executed this strategy for our current partners,” said Madison Meier, SVP, Head of Capital Markets, Cardinal Group.

“We formed this partnership several years ago to aggregate a high-quality portfolio of student housing assets with a proven sponsor in Cardinal Group. While the pandemic created unique challenges for the entire industry, these assets remained resilient, with occupancies and rents recovering through Cardinal’s focused execution. We are pleased with the outcome and the ability to realize strong returns for our investors as part of this sale,” said Jonathan Van Gorp, Managing Director, Makena Capital Management.

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