PAOLI, PA - TSB Realty, LLC successfully completed the sale of The Union Corvallis, a 68-unit, 221-bed luxury student housing property located near the Oregon State University campus in Corvallis, Oregon. Cardinal Group Companies (CGC) purchased the property.
“The Union has an exceptional reputation in the market and a strong operational history, including more than 16% rent growth from 2023-2024 to the last academic year,” said Randall Calvert with TSB Realty. “This will be an excellent addition to Cardinal’s already impressive portfolio.”
Delivered in 2013, The Union offers a mix of one-, two-, and four-bedroom units, all of which went through a recent renovation cycle. These updated units feature stainless-steel appliances, granite countertops, new LVT flooring, in-unit washer and dryer, new smart package, upgraded bedroom furniture, smart TVs, and large windows with natural light. Community amenities include a clubhouse with pool and ping pong, outdoor sundeck and grilling area, resident lounge with TV, study lounge with private study carrels, computer station with free printing, and library area.
The Union Corvallis is fully LEED certified.
“We’re excited to recapitalize The Union Corvallis and execute a new business plan to further boost the property's offerings. This acquisition aligns with our strategy of investing in high-quality assets in growing university markets. The property's premium amenities, unmatched location, and strong historical performance highlight the strength of the student housing market in Corvallis,” said Madison Meier, SVP, Head of Capital Markets with Cardinal Group Investments. “Oregon State University continues to drive steady demand, and we’re proud to continue Cardinal Group’s standard of excellence at this community.”
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. To date, Cardinal Group Companies has developed several best-in-class initiatives, which have earned the company national recognition year after year. Cardinal Group Companies’ management platform oversees over 105,000 student housing beds and 13,000 conventional and affordable housing units nationwide.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed over $10 billion in student housing sales for a diverse client base, encompassing more than 100,000 beds from tier 1 markets to tertiary markets.