Company Overview
Cardinal Capital Management, Inc. (Cardinal Capital) and Astar Capital Management (Astar Capital) are sister companies driven by complementary missions under the same ownership. Together, Cardinal Capital and Astar Capital have acquired, developed, and rehabbed over 8,500 units of multifamily housing with a transaction value exceeding $500 million in assets. Our projects have received numerous local, state, and national awards.


Since its establishment in 2004, Cardinal Capital has gained a national reputation as an industry leader in acquiring, developing, financing, and managing multifamily housing. The company's principals, Erich Schwenker and Dan O'Connell, each have over 40 years of real estate investment and management experience. Our development, construction, property management, and real estate asset management divisions achieve high success rates for all of the properties in our portfolio, which include market rate housing, supportive housing for veterans and for persons recovering from mental illness, persons with hearing or vision loss, and homeless people.

We have successfully invested over $140 million in private equity for some of the largest investment entities in the country. Firms such as Boston Capital, Royal Bank of Canada, Richman Group, Redstone, and BMO Harris all trust us for skilled real estate closing, financial management, and property management.


Founded in 2002, Astar Capital serves one client: Wisconsin Housing Preservation Corporation (WHPC), an organization that works to sustain affordable housing in the state of Wisconsin. To date, WHPC and Astar Capital have preserved 7,133 units in 124 projects across Wisconsin. Our method of purchasing both Section 8 and Section 42 properties and rehabbing them with tenants in place allows us to maintain tenants' Section 8 contracts and secure housing for Wisconsin citizens. Astar Capital, working on behalf of WHPC, achieved an "A+" rating for WHPC from Standard & Poor's in December 2013. WHPC is the first social housing provider outside of a public housing provider in the United States to attain an "A+" rating. The S&P rating further validates WHPC's status as a strong enterprise and sound financial institution.

Cardinal Capital and Astar Capital are committed to delivering superior financial and social value to investors, our for-profit and non-profit partners, and the communities in which our projects are located. We value maintaining long standing relationships with all of our clients and actively seek partnerships that result in meaningful projects.
Company Summary
Cardinal Capital Management, Inc.
Number of Employees
(608) 663-6390
(608) 501-1332
2 East Mifflin Street
Madison, WI