![]() Housing that caters to both short- and long-term renters can be expensive to operate, and some analysts question its sticking power beyond the work-from-home era. “These are really compelling ways to live and liberate your own lifestyle.” “Not everyone likes to buy furniture and move every 12 months,” Mr. and Canada West for co-working firm WeWork.įor the investors, buying buildings, as opposed to just managing them, positions Sentral to provide the amenities young professionals want, said Jeff Felder, managing director and head of real-estate investments at Iconiq. Slavet was previously managing director for U.S. Cohen, left the company last year and couldn’t be reached for comment. Iconiq cut a deal in 2019 with Daydream for the firm to manage some of Iconiq’s properties. Daydream’s founder, Mr. Daydream allowed tenants in its buildings to easily rent their units to others while they weren’t there. ![]() Slavet said.ĭenver-based Daydream was founded in 2018 by Daniel Cohen as an “innovative multifamily property owner and manager,” according to his LinkedIn page. “We’re combining the best of home and the best of a hotel,” Mr. Sentral hopes to add thousands of apartments either through new building acquisitions or those owned by other landlords in the next five years. Sentral declined to say how much of that investment was in Sentral and how much was in the real estate. Iconiq has invested $500 million into Sentral and the Iconiq-owned buildings that Sentral manages, according to Sentral. Zuckerberg, chief executive of Facebook Inc., and LinkedIn Corp. “There’s a huge market of mobile professionals that we’re seeing that travel and work in a different way,” said Jon Slavet, the firm’s chief executive.Īll of Sentral’s properties are owned by Iconiq Capital, a San Francisco-based investment firm that has $67 billion in assets under management including $6.2 billion in data centers, “tech-enabled multifamily housing” and other real estate, according to its website. Sentral and its backers are betting the flexible living trend is the future of consumer preference and will persist as companies call employees back to the office. Long-term residents can offset 25% or more of their total rent while they travel by using the firm’s technology to rent their apartment, according to Sentral. The company’s 10 apartment complexes offer furnished and unfurnished units for flexible lengths of stay. As Sentral, the company is also rolling out technology allowing tenants to book any length of stay, whether one night or several years. markets including Los Angeles, Austin, Texas, and Seattle. It currently manages a network of 3,000 apartments in seven U.S. The company-which was doing business under the name Daydream Apartments-is changing its name to Sentral. ![]() Now, a company that was formed 18 months ago-which has backing from an investment group including Highgate Hotels LP, Bozzuto Group and Iconiq Capital, a money manager with ties to Silicon Valley giant Mark Zuckerberg -is rolling out a new name and upgrading services with a hope of increasing market share. They have gotten a boost from the pandemic because of the large number of young professionals who left downtown while the health crisis was the most acute. were founded in the years leading up to the pandemic, offering short-term, fully furnished apartments that could be booked almost as easily as hotel rooms on the Internet. Investors are pumping money into real-estate startups that are pioneering flexible ways to rent apartments on the belief that remote working trends and new forms of housing demand will remain long after the pandemic is over. That travel and work in a different way,” “There’s a huge market of mobile professionals we’re seeing Backers are betting the flexible living trend will persist as companies call employees back to the Short-term, fully furnished apartments that could be booked as hotel rooms on the Internet have gotten a boost from the Working trends and new forms of housing demand will remain long after Pioneering flexible ways to rent apartments on the belief that remote Investors are pumping money into real-estate startups that are Sami Sparber reports in the Wall Street Journal: Internet-based real-estate startups providing flexible living arrangements for those not necessarily required to appear in an office every day offer opportunities for growth and financial optimization. Investors are betting that the pandemic may have permanently altered work and living habits with technology, convenience and adaptability as the key features.
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