Eugene, Ore. — A joint venture between Cardinal Group Investments and TPG Real Estate Partners (TREP) has acquired The Element Portfolio, a four-property student housing portfolio serving students attending the University of Oregon in Eugene.
The 383-bed portfolio is located within walking distance of campus. The new ownership plans to enhance the portfolio through in-unit renovations; furnishing units at three communities; and amenity space enhancements. Unit upgrades will include updated flooring, stainless appliances, new faucets and bathroom vanities, and new paint throughout.
The properties will be managed by Cardinal Group Management with value-add construction management provided by Cardinal Group Construction. Marketing and branding services will be overseen by Agency Fifty3.
The portfolio was marketed for sale by Peter Katz of Institutional Property Advisors as a representative of the undisclosed seller. CBRE advised on debt for the acquisition, which was added to an existing Fannie Mae credit facility formed for Cardinal and TREP’s joint venture.