Kevin Maloney’s PMG launches co-living business

Miami /
May.May 17, 2017 04:00 PM

From TRD New York: 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 


Related Articles

arrow_forward_ios
800 South Dixie Highway and Location Ventures ceo Rishi Kapoor (Location Ventures, Orduna Courts, Getty)
Location Ventures sells Coral Gables luxury student co-living building
Location Ventures sells Coral Gables luxury student co-living building
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...