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Common takes over Starcity’s co-living portfolio
Winners and losers emerge in post-pandemic
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Common’s CEO Brad Hargreaves (right) and Starcity’s co-founder and CEO Jon Dishotsky (Photos via iStock, General Assembly)
Consolidation of the co-living market is accelerating.
Common, among the fastest-growing co-living landlords, has reached an agreement with its former rival Starcity to take over management of the bulk of Starcity’s portfolio about 7,500 units including both operating and pipeline units around the globe, Common confirmed with
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Rui Barros, former head of Quarters in the U.S. and Esther Bahne, CEO of Quarters. (Getty, LinkedIn via Rui Barros, Quarters)
Developer Dana Spain was weeks away from finishing construction on a $20 million co-living project when she learned her operating partner went out of business.
Quarters, a subsidiary of Germany-based Medici Living Group, had signed a 10-year lease to operate the 186 units at Spain’s project in the trendy Philadelphia neighborhood of Northern Liberties in 2019. It was part of Quarters’ plan to open 1,500 units in the U.S., after securing $300 million in funds that year. So its abrupt bankruptcy two years later took owners like Spain by surprise.
Eight Must Reads for the CRE Industry Today (Feb. 2, 2021) The Real Deal looks at how co-living developer Quarters ended up filing for bankruptcy. Some suburban New York and New Jersey businesses have been thriving during the pandemic, reports The New York Times. These are among today’s must reads from around the commercial real estate industry.
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