Student Housing Daily - December 9 - Stonepeak and Cardinal Group acquire 2,300-bed portfolio

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NEWS ROUNDUP

ACQUISITION: Stonepeak and Cardinal Group acquires 2,300-bed portfolio. Stonepeak has acquired a portfolio of three purpose-built student housing communities totaling approximately 2,300 beds in partnership with Cardinal Group. “This acquisition reflects our conviction in the resilience and long-term fundamentals of well-located student housing,” said Phill Solomond, senior managing director and head of real estate at Stonepeak.

ACQUISITION: Conserve Holdings acquires 486 beds near USC Upstate. Conserve Holdings, with PeakMade Real Estate as property manager, has acquired Auden Upstate, a 486-bed student housing community serving the University of South Carolina Upstate in Spartanburg. The transaction was brokered by Barry Weiner and Jack Baron of Capital Access, with financing provided by KeyBank Real Estate Capital and led by Rodney Shenman. David Walkin, principal of Conserve Holdings, said the acquisition supports the firm’s value-add strategy in a growing university market.

ACQUISITION: Landmark Properties plans 625-bed complex. Landmark Properties, in a JV with HC2 Capital and Peninsula Investments, has acquired a 40.05-acre site in Boone, North Carolina, and will develop The Retreat at Boone, a 625-bed cottage-style, off-campus student housing community near Appalachian State University. Trustmark Bank and First Financial Bank are providing construction financing. Landmark Construction will serve as general contractor, with Niles Bolton Associates as architect. Delivery is targeted for the 2027–2028 academic year. Jason Doornbos, chief development officer at Landmark Properties, cited strict local development regulations and record enrollment growth as key drivers of unmet housing demand in Boone.

ACQUISITION: Subtext makes first acquisition near University of Missouri. Subtext has acquired District Flats, a 259-bed, 119-unit student housing community near the University of Missouri in Columbia, Missouri, marking the firm’s first transaction under its new acquisitions arm and expanding on its $2.5 billion development track record. Mike Hung, partner and executive vice president, is leading the strategy and said District Flats serves as the prototype for Subtext’s acquisition platform in top-tier university markets. The seller and price were not disclosed. A JLL team led by Stephen Van Leer and Mike Brady advised on the debt, with Webster Bank providing financing.

READ: Where student housing still outperforms.

STUDENT HOUSING FOR SALE

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140 Beds | Prime Value-Add Opportunity | Significant Capex Completed | Available Individually or as a Portfolio With Social West

285 Beds | Prime Value-Add Opportunity | Significant Capex Completed | Available Individually or as a Portfolio With Social at Stadium Walk

528 Beds | 99% Occupied For AY ‘25-’26 | 22% Rent Growth | 57% Preleased For AY ‘26-’27

534 Beds | Built in 2024 | 100% Occupied in Inaugural Year | 97.9% Occupied For The Current Year

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