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Stonepeak Acquires Student Housing Portfolio

via Business Wire

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of a portfolio of three purpose-built student housing assets with approximately 2,300 beds in partnership with Cardinal Group.

The portfolio’s assets are located on average 0.1 miles from campus at leading four-year public universities across the Sunbelt with an average enrollment of approximately 40,000 students. The Class A properties feature a wide range of best-in-class amenities and were built on average in 2020.

“This acquisition reflects our conviction in the resilience and long-term fundamentals of well-located student housing, and we are excited to add these assets to our portfolio,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “With growing enrollment trends and embedded demand for assets adjacent to campus, we look forward to delivering both high-quality living experiences for students and strong performance for our investors.”

Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.

Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak and Cardinal Group.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Cardinal Group

Cardinal Group Companies (“CGC”) is a fully integrated real estate management, investment, construction, consulting, and marketing firm focused on multifamily and student housing throughout the country. Headquartered in Denver, Colorado, CGC affiliate companies are all firmly built atop the company’s “Cardinal Culture.” Since 2007, CGC has been operating successful partnerships, focused on creating efficiency and above-market performance via their commitment to challenging the status quo of the industry. Cardinal Group Companies’ management platform oversees over 100,000 student housing beds and more than 11,000 conventional and affordable housing units nationwide.

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