Cardinal Group Management & Advisory LLC, a Denver-based owner and operator of student housing, effective July 1, took over property and asset management of the Inn at Auraria in downtown Denver, the company announced today.
The Inn at Auraria – with 125 units and 439 beds – shares its building with the Curtis Hotel at 1051 14th Street, occupying the top 14 floors. The Inn is owned by the Auraria Foundation and was completely renovated in 2006 using bond financing in an effort to add more dedicated housing for students attending the University of Colorado-Denver, Metropolitan State College of Denver and the Colorado Community College of Denver. The property’s redesign successfully converted the space into one of Denver’s only modern, high-rise student residence communities.
After several years of successful operation, the bonds fell into default and were recently purchase by Fundamental Advisors LP, a private equity firm in New York City.
“We are very excited to be entering into this partnership with the Auraria Foundation,” said Eric Frank, a principal at Cardinal Group Management & Advisory. “As enrollment increases at the Auraria Campus, so too will the demand for safe student housing in the core of downtown Denver. We believe there are many opportunities to improve the living experience at the Inn and make it the go-to property for students.”
Cardinal Group is exploring the possibility of adding an amenity suite at the property as well as improving other management functions.
“We feel like there are many possibilities surrounding the property that could lead to increased performance,” Frank said.
Cardinal Group Management & Advisory is a Denver-based owner and operator of student housing and urban multifamily properties. The company owns and manages 20 student housing properties consisting of nearly 1,900 beds and was the ninth largest buyer of student housing nationally in 2010.
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