Kevin Maloney’s Property Markets Group launched its own co-living business, dubbed PMGx.
The company now offers tenants at a Chicago property the chance to take a room in a shared apartment, and said it plans to expand the offering to 7,000 beds in 3,500 apartments over the coming years.
The move comes as more developers turn to furnished, hotel-like apartment buildings in a hunt for revenue. So far most co-living spaces are run by specialized companies like WeLive, Common or Ollie. PMG appears to be the first major developer to launch its own co-living business for its properties (although Simon Baron Development’s principals are backing Ollie).
“We’re juicing the rents,” PMG principal Ryan Shear told the Wall Street Journal.
In New York, Common recently opened a 69-unit co-living property at Adam America’s 595 Baltic Street.WeWork launched a co-living space at 110 Wall Street in early 2016 but has yet to add a second New York location. [WSJ] — Konrad Putzier
(To see more leases from WeWork, click here)