TPG Real Estate, Cardinal Group Acquire 887-Bed Community Near Montana State

Bozeman, Mont. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman. 

Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam room and multiple study areas. 

The undisclosed seller in the transaction was represented by Berkadia. CBRE advised on debt for the acquisition, which was added to a Fannie Mae credit facility formed by the joint venture. The property will be managed by Cardinal Group Management; planned value-add construction will be managed by Cardinal Group Construction; and marketing and branding services for the community will be provided by Agency Fifty3.