Cardinal Group Snaps Up Student Housing Asset

Marcus & Millichap arranged the sale of the 768-bed community in Oklahoma.

Cardinal Group purchased Campus Lodge, a 768-bed student housing community in Norman, Okla., from The Collier Cos. Marcus & Millichap brokered the transaction.

Developed in 2004, the 19-building property includes 192 units with three- and four-bedroom floorplans averaging 1,509 square feet.

Apartments feature breakfast bars, walk-in closets, dual-lock door systems in bedrooms, as well as patios or balconies. Community amenities include a swimming pool, a spa, a gym, a resident lounge and basketball and volleyball courts. The asset was 97 percent occupied upon closing.

In 2016, The Collier Cos. assumed a $22.5 million fixed-rate Fannie Mae loan originated by NorthMarq Capital and set to reach maturity in January 2026, Yardi Matrix data shows.

Located at 1800 Beaumont Drive, the community is within 2 miles from the University of Oklahoma, as well as roughly 7 miles west of Lake Thunderbird State Park. The Colonial Estates Park is within walking distance, providing students easy access to running paths, picnic areas and disc golf. Downtown Norman, with its wide variety of dining options and bars, is less than 3 miles from the property.

Marcus & Millichap Associate Patrick Mullowney alongside Senior Managing Director Joel Dumes and Associate Regional Manager Steve Greer brokered the transaction.

The University of Oklahoma’s student housing market

According to a recent Yardi Matrix report, national preleasing levels reached 61.5 percent in February 2024. The University of Oklahoma surpassed the national average, attaining 64 percent in preleasing activity in February, despite a year-over-year decline of 4.2 percent.

The rent per bed reached a national average of $883 in February, riding a high marked by consecutive month-over-month increases dating back to May 2021, the same report reveals. The University of Oklahoma registered a year-over-year rent-per-bed growth of 7.8 percent, reaching $679 as of February.

Cardinal Group, MHN’s gold finalist for Best Marketing Campaign during 2022’s Excellence Awards, also owns Millenium, a 686-bed student housing community less than 2 miles from Campus Lodge. With its latest acquisition, the firm’s student housing footprint reaches nearly 2,200 beds in metro Oklahoma City, according to Yardi Matrix data.

You May Also Like