Norman, Okla. — A joint venture between TPG Real Estate Partners (TREP) and Cardinal Group Cos. has acquired Millennium Norman, a 698-bed student housing community located near the University of Oklahoma.
Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE brokered the transaction on behalf of the undisclosed seller. Mike Bryant and Brad Peters, also of CBRE, arranged the acquisition financing on behalf of the joint venture.
The mid-rise community offers fully furnished units with bed-to-bath parity located within walking distance of the university’s campus in Norman. Communal amenities include a resort-style swimming pool, sand volleyball court, television lounge, hot tub, dog park, private study rooms, a sports field, social lounge, business center, tannings beds, a fitness center and outdoor grills.
The new ownership plans to begin renovations at the community, which will include enhancements to the property’s electricity and water conservation capabilities; refreshed paint; unit upgrades including the addition of smart home technology packages; an upgraded package system and mail room; updated common area furniture; and enhancements to the property’s fitness center and study rooms.