Starcity, the San Francisco-based co-living startup that has raised more than $20M in venture financing in recent months, expanded into Los Angeles and announced plans for the world's largest co-living property in Silicon Valley, has hired Peter Houghton as its new managing director of capital markets.

Houghton will oversee the company's fundraising, investment strategy, acquisitions and asset management. In the newly created position, Houghton will help secure investment from venture capital and institutional investors for the company to continue to grow.

"Peter is a powerhouse in the real estate industry, with an incredible track record of investing in and overseeing major residential and hospitality development projects,” Starcity co-founder and CEO Jon Dishotsky said in a release. “His experience will help Starcity secure the necessary investment to continue to scale, and will be crucial in some of our biggest upcoming ground-up projects throughout the U.S.”

Houghton has nearly 20 years of real estate experience and has overseen the investment of $2.5B across product types, including multifamily and hospitality. Before coming to Starcity, he spent the past seven years as the commercial real estate portfolio manager for Lowe Enterprises Investment Management. He has also worked with MacFarlane Partners and the Canyon Johnson Urban Fund, which involved Earvin "Magic" Johnson and invested in densely populated, diverse communities often overlooked by institutional capital.

“I’ve been lucky throughout my career to work with recognized leaders who are dedicated to improving accessibility and the quality of life for a broad range of urban dwellers," Houghton said. "Starcity has a similar vision for the future of housing that is personally motivating and should be very attractive to the investment community.”

Starcity started in 2016 with a six-unit garage conversion in San Francisco. The company creates mid- and high-rise co-living properties out of redeveloped multifamily, hotel and office buildings, offering private bedrooms with private or shared bathrooms and community living spaces such as kitchens and sitting areas.

The company just opened a location in Los Angeles' Venice Beach and recently announced plans for two ground-up projects in San Francisco and San Jose that will have nearly 1,000 co-living units total.