Cardinal Group Buys OR Student Housing
The buyer used proceeds from an acquisition loan, provided through Freddie Mac’s CME program, to purchase the 244-bed off-campus property in Eugene.
Arena District
Cardinal Group has purchased Arena District, a 65-unit, 244-bed student housing community near the University of Oregon in Eugene. The buyer funded the acquisition with a variable-rate Freddie Mac loan issued through its CME program. The seller, Columbia Investments, picked up the property in early 2016 from University Communities, according to Yardi Matrix.
An HFF team led by Pat Burger secured the acquisition financing and will service the mortgage.
Located at 2050 E. 15th Ave. in Eugene’s University submarket, the asset is positioned within half a mile of the University of Oregon’s campus and the Matthew Knight Arena. Several public transportation links and the nearby Franklin Boulevard connect the property with the rest of the city.
The property contains a mix of two- and four-bedroom units, ranging from 600 to 1,100 square feet. The five-story, LEED Gold building has a wide variety of resident amenities, including a fitness center, secured bike storage, a 24-hour study area and a multimedia lounge. During the 2017-2018 school year, the community was 97 percent leased.
Image courtesy of Yardi Matrix
