Cardinal Group Purchases Texas Multifamily Community for $11M
- Nov 29, 2012
Austin, Texas—Denver-based Cardinal Group Investments LLC has teamed with New York City-based Fundamental Advisors LP on the $11 million acquisition of Century Square—an apartment community in the Hyde Park neighborhood of Austin, Texas, which was purchased from Roscoe Properties.
“We love the Austin market and the Hyde Park/North Campus neighborhood in particular,” Jason Luker, Cardinal’s managing principal, tells MHN. “This neighborhood is a great mix of students and young professionals and fits perfectly into our Mint Urban brand. In addition, the community has a very attractive mix of floor plans.”
Located at 3401 Red River St., just two blocks north of the University of Texas campus, Century Square consists of 138 units and an attached parking garage and includes studio, one- and two-bedroom units.
“We are really focused on two strategies: student housing and urban infill. This asset represents the perfect mix between the two,” Luker says. “We are also focused on value-add opportunities where we can apply our unique approach to design, construction, marketing and management.”
It is the second multifamily property in Austin that Cardinal purchased in the last year, joining the University Towers private dormitory in the West Campus neighborhood.
“We are very bullish on Austin, and this represents our second acquisition in the city in the last 10 months,” Luker says. “We are actively looking for value-add apartment opportunities in core urban neighborhoods.”
Plans for the new purchase include making capital improvements to the property aimed at improving the unit interior and amenity quality, and Cardinal will rebrand the property and install a new management team.
Cardinal will rebrand the property under its urban multifamily platform, Mint Urban, which focuses on creating a unique property offering that caters to working professionals who are looking for a cool, chic living experience in vibrant urban neighborhoods.
“The Hyde Park/North Campus neighborhood is one of the most highly sought after areas in Austin. The neighborhood consists mostly of renovated single-family homes and older apartment buildings with few amenities,” Luker says. “The average price of a single-family home is significantly higher than the rest of the city, and Century Square offers one of the few renovated and fully amenitized apartment properties in the area.”
CGI’s affiliated property management company, Cardinal Group Management, will manage the operations.
Cardinal Group is an experienced multifamily owner and operator with 25 properties in seven states totaling more than 1,900 units. The purchase was the fifth partnership between Cardinal Group and Fundamental Advisors.