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Cushman & Wakefield Retained to Raise $1 Billion in Debt and Equity by Six Peak Capital for Massive Expansion of Coliving in U.S.

CHICAGO, September 25, 2019 – Cushman & Wakefield announced today that it has been exclusively retained to secure an initial $1 billion in programmatic debt and equity for New York-based Six Peak Capital – the leading asset manager in the coliving space – to expand its footprint across U.S. Gateway Markets. Six Peak invests in coliving projects with Common, a tech-enabled, community-focused residential brand that designs and operates traditional apartments and coliving suites. Common currently manages 30 buildings across New York, Chicago, San Francisco, Oakland, Seattle, Los Angeles and Washington, D.C., at a 98% occupancy rate and above-market NOI. Initial funding is being seeded with properties currently owned or under contract, representing over 1,000 beds. Total capitalization of the seed assets is expected to be over $135 million. The seed assets would bring Six Peak’s total coliving portfolio to over 2,200 beds and $350 million. Additionally, Six Peak has identified [...]

Short-Term Rentals: The Next Evolving Asset Class

CHICAGO, July 9, 2019 – The multifamily sector has become increasingly diversified over the past decade, with niche asset classes such as student housing, senior housing, coliving and micro-units garnering major investor interest. Short-term rentals appear to be the next wave according to a report released today by Cushman & Wakefield, Short-Term Rentals: The Next Evolving Asset Class, as new players in the homeshare marketplace have scaled the concept in recent years to institutional investment-grade multifamily assets. While the short-term rental concept has existed in a limited format for decades—with small local operations and corporate housing outfits dotting the nation—homeshare platforms like Airbnb and VRBO have revolutionized the market, steadily becoming a primary means of travel lodging for the common consumer—attaining over 500,000 average stays per night by 2018. At the same time, the 2010s real estate cycle saw a wave of new Class-A apartment buildings delivered largely around downtown [...]