Quarters, part of the Berlin-based co-living Medici Living Group, currently rents out bedrooms and shared living spaces in New York City and Chicago to young professionals and students. With its latest investment of $300M on top of its December 2018 investment of $1.1B in equity and debt into Quarters to expand its reach across Europe, Quarters now intends to develop an additional 1,300 units over the next three years in NYC, Washington DC, San Francisco, Los Angeles, Chicago, Boston, Philadelphia, Denver, Austin, Seattle and Miami.
According to Gunther Schmidt, founder and CEO of the Medici Living Group, “This new round of investment cements Quarters as one of the top players in the US co-living space.” Schmidt went on to say, “With more than $1.4B for our European and US expansions, we are well on our way to becoming the WeWork of co-living in 2019.”
The Medici Living Group plans to grow its current portfolio of 1,800 rooms in the US and Europe to more than 9,000 rooms across the two continents. Medici Living will be responsible for the conceptual design and operations of new Quarters locations. These locations will either be retrofitted or new construction properties in metros of +1M people and will have “…a sophisticated tech presence.”
Attention real estate professionals: Quarters works with agents/brokers to find and buy buildings suitable for co-living purposes.
The firm W5, an investment partner with the Medici Living Group in this co-living venture, will lead investment, project development, financing and asset management for all new Quarters locations.
W5’s CEO, Jonathan Winter, said, “The concept of co-living is perfectly tailored to the needs and desires of Millennials, the most important demographic group over the next decade, so we anticipate rapid growth in the coming years. Now is the best time to secure a strong position within the co-living market and greatly benefit from economies of scale.”