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
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Foyer Wynwood and Jonathon Yormak

East End Capital scores approval for co-living project in Wynwood

East End Capital scores approval for co-living project in Wynwood
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
arrow_forward_ios

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

Loading...