DENVER, CO – Cardinal Group Investments, a Denver-based real estate company and leader in student housing investments and property management, announced today the successful formation of a new partnership with StepStone Real Estate, the real estate arm of global private markets investment firm StepStone Group Inc., 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.
Evercore acted as financial advisor on the transaction, and TSB Capital Advisors procured the debt for the acquisition.
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.