What Cardinal Capital Management does

Cardinal Capital Management, Inc. is a privately-held, Wisconsin-based full-service multifamily real estate developer founded in 2002 by Erich Schwenker and Dan O'Connell. The firm operates three integrated business lines — Development, Construction (via the wholly-owned subsidiary Cardinal Capital Construction LLC), and Property Management — serving market-rate, workforce/affordable (LIHTC and Section 8), senior, and special-needs/supportive housing populations including veterans, homeless individuals, Deaf and DeafBlind residents, persons with developmental disabilities, and youth aging out of foster care. Across 23 years, the company and its affiliates have acquired, developed, financed, and managed more than 10,000 multifamily units at an aggregate transaction value of approximately $1 billion, with active operations in Wisconsin, Iowa, Colorado, Arizona, Illinois, New Jersey (in development), and Michigan (announced).

The company's go-to-market is relationship-driven B2B deal origination targeting municipalities, nonprofit service providers (e.g., Journey House, Center for Veterans Issues, Homeward Bound of the Grand Valley, Sixteenth Street Community Health Centers), and institutional capital sources (WHEDA, HUD, Fannie Mae, Freddie Mac, Boston Capital, Federal Home Loan Bank of Chicago). Each transaction is structured as a development partnership or joint venture with the nonprofit providing service infrastructure and Cardinal providing site selection, entitlements, underwriting, financing, construction, and ongoing property management. Revenue is generated through three streams: development and equity returns on co-developed projects, construction-management and general-contractor fees (Cardinal Capital Construction LLC is multi-state licensed), and recurring property-management fees across a 40+ named-property portfolio spanning market-rate, commercial, LIHTC, Section 8, and permanent supportive housing. Strategic differentiation rests on deeply embedded LIHTC/HUD/Section 8 regulatory expertise, founder tenure of 40+ years each, and a credentialed bench of Certified Property Managers, Certified Occupancy Specialists, Housing Credit Certified Professionals, and CPAs.

Pricing across the resident-facing portfolio varies sharply by program: workforce units at The Commons of Mesa rent for $1,700-$2,000/month, commercial space at the Germania Building lists at approximately $16/SF/YR, and permanent supportive housing residents pay roughly 30% of income (~$200/month) with the balance covered by Section 8 vouchers administered by Milwaukee County. Recent commercial moves include diversification into luxury for-sale product (Water's Edge Condominiums, 219-unit three-building project in Caledonia, WI) and mixed-use ecosystem development (Middleton Market Food Hall). The company is founder-controlled, privately capitalized per project via debt and LIHTC equity, and reports no parent company, institutional investor, or public listing.

Name

Cardinal Capital Management

Legal name

Cardinal Capital Management, Inc.

Website

https://cardinalcapital.us

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Cardinal Capital Management is a Wisconsin-based, founder-led full-service multifamily real estate developer, constructor (via Cardinal Capital Construction LLC), and property manager that has acquired, developed, or managed 10,000+ units across market-rate, affordable, and supportive housing segments in seven U.S. states since 2002.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Development

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

Single-Family Rental (SFR) Property Management (BPAJAFAB)

Keywords

• Multifamily housing development
• Affordable housing development
• Property management services
• Construction management services
• Supportive housing solutions

Headquarters

HQ city

West Allis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Development Services: Cardinal provides full-service multi-family development including site selection, entitlements, underwriting, due diligence, and financing. Revenue is earned through development fees and equity returns from development partnerships with investors and nonprofits. The company structures transactions that generate suitable risk-adjusted returns for high net worth individuals, institutional investors, philanthropic foundations, and for-profit and non-profit organizations.
2. Construction Services: Cardinal Capital Construction LLC provides construction management for its clients and also outsources services to select owners/developers. Revenue is generated through construction management fees and general contractor services. The team has completed over 1,400 units of new construction and renovated over 6,400 apartment units.
3. Property Management Services: Providing exceptional multi-family property management since 2006, with management spanning market rate, commercial real-estate, LIHTC, Section 8, and permanent supportive housing throughout the United States. Revenue is generated through property management fees. The team manages the properties for optimum performance and in compliance with strict landlord and tenant law.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Cardinal Capital Management is a full-service multifamily real estate firm providing development, construction, and property management services. The company acquires, develops, finances, and manages multifamily housing including market-rate, affordable (LIHTC, Section 8), workforce, senior, and permanent supportive housing for veterans, homeless individuals, and persons with disabilities across multiple U.S. states.

Product overview

Cardinal Capital Management is a full-service multi-family real estate development company providing three interconnected core services: Development, Construction, and Property Management. The Development division handles site selection, entitlements, underwriting, due diligence, and financing for market rate, affordable, and special needs housing. The Construction subsidiary (Cardinal Capital Construction LLC) provides award-winning construction services for multi-family housing including new construction and renovation, having completed over 1,400 units of new construction and renovated over 6,400 units. The Property Management division has provided multi-family property management since 2006, spanning market rate, commercial real-estate, LIHTC, Section 8, and permanent supportive housing throughout the United States. The company manages a portfolio of over 40 named apartment properties across multiple states including Wisconsin, Iowa, Colorado, Arizona, and Illinois, serving diverse housing needs from market-rate to affordable and supportive housing for Veterans, homeless, and persons with disabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Services Full-service multifamily development including site selection, entitlements, underwriting, due diligence, and financing. Handles acquisition and development processes for market rate, affordable, and special needs housing on behalf of high net worth individuals, institutional investors, philanthropic foundations, municipalities, and for-profit and nonprofit organizations.
• Construction Services Award-winning multi-family housing construction services provided through Cardinal Capital Construction LLC. The multi-state licensed construction team has completed over 1,400 units of new construction and renovated over 6,400 apartment units. Services include both new construction and rehabilitation of existing facilities.
• Property Management Services Multi-family property management services since 2006 spanning market rate, commercial real estate, LIHTC, Section 8, and permanent supportive housing throughout the United States. The in-house team manages properties for optimum performance and compliance with landlord and tenant law and governmental programs.

Quantifiable outcome

• Over 10,000 units of multifamily housing acquired, developed, and rehabbed with transaction value of approximately $1 Billion
• +5 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

14 partnerships are on record, tiered core, major and minor.

• Trinity Housing ResourcescoreStrategic or Co-development Partner · 1 December 2024Cardinal Capital is partnering with Trinity Housing Resources to complete Cornerstone Village, an approximately $18 million, 71-unit affordable housing project on Milwaukee's Near West Side. Trinity Housing Resources joined the project after the original developer Bethesda Lutheran Communities dropped out. The project is expected to open in late 2025.
• Northterra Real Estate GroupcoreStrategic or Co-development Partner · 1 January 2024Cardinal Capital Management is co-developing a 600-unit project in Mount Pleasant, Wisconsin with Lee Jaramillo's Northterra Real Estate Group. The development (northwest of Braun Road and South Green Bay Avenue) is a two-phase project expected to open near Microsoft's Mount Pleasant data center development by the end of 2028. First phase (~300 apartments) starts construction by April 2025.
• Wisconsin Community ServicesmajorStrategic or Co-development Partner · 1 January 2024Wisconsin Community Services (WCS) collaborated with Cardinal on organizing community events such as Thanksgiving celebrations at Highland Commons. The company also co-authored an op-ed with Cardinal's leadership on the supportive housing crisis in Milwaukee.
• Compass RealtyminorChannel Partner/ Reseller/ Distributor · 1 December 2023Compass Realty (Dave Geszvain) serves as the listing agent for Water's Edge Condominiums in Caledonia, WI, developed by Cardinal Capital Management.
• CaliberCos Inc. (Caliber Companies)coreStrategic or Co-development Partner · 1 February 2022Cardinal Capital co-developed The Commons of Mesa (144-unit workforce housing project in downtown Mesa, Arizona) with CaliberCos Inc. Caliber handled the Opportunity Zone Fund financing ($42.2 million project), with Cardinal contributing $700,000 and currently owning the site. The project broke ground in February 2022 and represents a significant co-development partnership in Arizona.
• Bethesda Lutheran Communities Inc.minorStrategic or Co-development Partner · 1 January 2021Bethesda Lutheran Communities originally proposed Cornerstone Village in 2021 but dropped out in 2022 after securing federal affordable housing tax credits due to financing challenges. Cardinal Capital subsequently took over the project with Trinity Housing Resources.
• F Street DevelopmentminorStrategic or Co-development Partner · 1 December 2019Cardinal Capital Management and partner F Street Development celebrated the groundbreaking of Tannery Falls Apartments (71 market-rate units) in Sheboygan Falls, Wisconsin in December 2019.
• Sixteenth Street Community Health CenterscoreStrategic or Co-development Partner · 1 October 2019Cardinal partnered with Sixteenth Street Community Health Centers and Froedtert & the Medical College of Wisconsin to develop a four-story mixed-use building on Milwaukee's south side. The clinic (primary medical care, dental hygiene, pharmacy) occupies the first floor with Cardinal-owned apartments on the top three floors.
• Treysta GroupcoreStrategic or Co-development Partner · 1 September 2019Cardinal Capital and partner Treysta Group developed Dwell at Middleton Market (263 apartments + 31,000 sq ft commercial space). The partnership with Treysta Group (led by Robin Pharo) dates back over a decade. The project includes a European-style Food Hall and Market.
• Journey HousecoreStrategic or Co-development Partner · 1 May 2019Cardinal Capital partnered with Journey House for Clarke Square Apartments ($8.5 million, 40 units) and continues to work together on Milwaukee south side developments. Journey House CEO Dr. Michele Bria has emphasized the focus on increasing quality of life in the Clarke Square neighborhood.
• Haywood GroupminorStrategic or Co-development Partner · 1 April 2018Haywood Group was Cardinal's development partner for the Historic Germania Building rehabilitation project in Milwaukee. The project won multiple awards including the 2018 Mayor's Design Award, Best Renovation Residential (Milwaukee Business Journal), and People's Choice Award (WCREW).
• Center for Veterans Issues (CVI)coreStrategic or Co-development Partner · 1 October 2015Cardinal Capital partnered with Center for Veterans Issues (CVI) for Veterans Gardens housing project and Veterans Manor developments in Milwaukee and Green Bay. CVI reached out to Cardinal's Construction Team for Veterans Gardens, addressing housing needs of Veterans in Milwaukee.
• Homeward Bound of the Grand Valley, Inc.coreStrategic or Co-development Partner · 1 October 2015Cardinal Capital partnered with Homeward Bound of the Grand Valley and Hilltop Community Services to develop Pathways Village in Grand Junction, Colorado - a 40-unit project connecting formerly homeless adults and families with case management, mental health treatment, and vocational training.
• Boys & Girls Club of Greater MilwaukeeminorOthersCardinal Capital's Cabin Project involves repairing cabins at Camp Whitcomb/Mason for the Boys & Girls Club of Greater Milwaukee. Cardinal's Director of Construction Mark Klann and contractors have contributed materials and labor for three seasons to ensure future generations can benefit from the outdoor camp.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• WinnCompanies: National developer and third-party manager of affordable, market-rate, and mixed-income housing. Comparable in vertical integration and presence in regulated affordable housing programs.
• Dominium: One of the largest U.S. developers and managers of affordable housing, with a vertically integrated platform covering development, construction, and property management—a direct match to Cardinal's structure and affordable housing focus.
• The Michaels Organization: Developer and manager of affordable, student, and military housing. Comparable as a vertically integrated affordable housing platform with government partnerships similar to Cardinal's.
• Fairstead: National developer and operator of affordable, mixed-income, and supportive housing. Comparable in mission alignment, LIHTC reliance, and emphasis on supportive housing for vulnerable populations.
• Lynd Company: Multifamily developer, owner, and operator active in workforce and affordable housing with a national footprint. Comparable in scale, multifamily focus, and integrated operations.
• Pennrose: Developer and operator of affordable and mixed-income multifamily housing across multiple states, with a vertically integrated platform analogous to Cardinal's. Comparable in LIHTC reliance and supportive housing expertise.
• Pedcor Companies: Midwest-based developer and manager of affordable and market-rate housing, with LIHTC focus and integrated construction/property management—closely aligned to Cardinal's regional Midwest concentration and operating model.
• The NRP Group: National multifamily developer specializing in affordable, workforce, and market-rate housing. Highly comparable to Cardinal Capital's integrated development + construction + property management model with a similarly strong LIHTC focus.

Broad incumbents

• Greystar Real Estate Partners: Largest U.S. multifamily property management and development company, managing over 800,000 units. Comparable as a multifamily operator but at vastly larger scale and with a broader (less affordable-focused) portfolio.
• CaliberCos Inc. Real estate investment and asset management firm that co-developed The Commons of Mesa with Cardinal. Comparable as a real estate capital partner and operator focused on Opportunity Zone and workforce housing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cardinal-capital-management-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cardinal Capital Management