Kevin Maloney launches co-living business

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

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 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 [TRDataCustom] 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).

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“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)