Quarters, Co-Living Brand, Enters DC Market
- Sep 05, 2019
One of the largest co-living companies in the U.S. and Europe is adding a Washington, D.C. location to its portfolio. QUARTERS announced today it will open a 239-bed location inside The Highline at Union Market, a newly built mixed-use development in the Union Market District.
As part of the new D.C. location deal, family office firm W5 Group purchased a majority interest in the $150 million property and inked a long-term lease agreement with QUARTERS. A Caton Commercial Real Estate team of Steve Caton, Bill Caton and Andy Velkme represented QUARTERS in the deal.
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The company will operate within a 67,000-square-foot space at 320 Florida Ave. NE, a new, 315,000-square-foot property located one block from the NoMa/Gallaudet Red Line Metro Station. The location will include 99 units with a total of 239 beds, with two-, three- and four-bedroom layouts. Common area amenities will include a fitness facility, co-working lounge, rooftop swimming pool and community events.
Designed in a modern-industrial style by Eric Colbert & Associates, The Highline at Union Market will incorporate sustainable features including a green roof, bioretention facility, energy-efficient building design and 105 bike parking spaces for residents and employees. The property will also include 10,000 square feet of ground-level retail space.
QUARTERS’ announcement comes on the heels of the company’s $300 million raise for its U.S. expansion and its roughly $1.1 billion raise for its European expansion. Within the next three years, QUARTERS plans to bring 1,800 new units to U.S. markets and 6,000 new units to Europe within the next five years.