Housing shortage

Medici Living’s Housing Shortage Solution

German property design, construction, & management company Medici Living is looking to be a leader in the growing field of co-living. In order to achieve that, they’ve partnered with another German company, Corestate, to raise $1.1B of capital for housing for up to 6000 people throughout Europe. Medici also has plans to expand their business to several larger cities in the US, where they currently have operations only in New York City and Chicago. They’ve compared their efforts to those of WeWork, a leader in the field of co-working — creating high-density office space — except that Medici’s attention is focused on residences, not office space.

Medici recognizes that younger buyers are at the forefront of the market, and accordingly is linking housing with technology. The goal is to enable young professionals to rent space with the click of a button. In large cities, and with a large target audience, Medici expects low-risk and high-yield investments with this approach. Knowing that other businesses will want to join in, they want to jump on the opportunity before those other businesses are able to gather the necessary capital.

More: https://www.bisnow.com/national/news/multifamily/medici-living-raises-11b-to-become-the-wework-of-co-living-95910

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