Kevin Maloney launches co-living business

PMGx debuts at Chicago property, plans to expand to 3,500 units

TRD NEW YORK /
May.May 17, 2017 08:55 AM

Kevin Maloney and renderings of PMG’s co-living U development, a 99-unit building at Chicago’s University Village neighborhood. (Credit: PMG via WSJ)

Kevin Maloney’s Property Markets Group TRData LogoTINY 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)


Related Articles

arrow_forward_ios
From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

arrow_forward_ios
Loading...