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 [...]