The parent company of co-living provider QUARTERS, Medici Living Group, has entered into a joint venture investment agreement with W5 Group for a $300 million U.S. expansion. This comes off the heels of the company’s recent $1.1 billion European expansion, marking the largest co-living investment worldwide. Over the next three years, the partners will be developing 1,300 units across the U.S.
“The concept of co-living is perfectly tailored to the needs and desires of Millennials, the most important demographic group over the next decade, so we anticipate rapid growth in the coming years. Now is the best time to secure a strong position within the co-living market and greatly benefit from economies of scale,” said Ralph Winter, Principal of W5 Group, in a prepared statement.
Currently, there are QUARTERS locations in New York and Chicago. The new investment will bring new properties to New York, San Francisco, Chicago, Philadelphia, Austin, Miami, Washington, D.C., Los Angeles, Boston, Denver and Seattle, announced throughout the year. These will come in the form of a combination of retrofits and new construction.
MEDICI LIVING Group will handle the conceptual design and operation of the new QUARTERS locations, while W5 Group will handle investment, project development, financing and asset management.
With the combined U.S. and European expansions, MEDICI LIVING Group will grow its current portfolio of 1,800 units to more than 9,000.
Image courtesy of QUARTERS