Co-Living Company Expands To D.C., Takes Portion Of New Union Market Apartment Building
A German co-living company is expanding to the D.C. market with its sixth and largest U.S. location.
The company will lease roughly 67K SF of the 315K SF building at 320 Florida Ave. N.E., less than a quarter-mile from the NoMa Metro station. The building was developed by FCP, Level 2 Development and Clark Enterprises and designed by Eric Colbert & Associates.
A subsidiary of German-based Medici Living Group, Quarters operates in 10 European cities, plus New York City and Chicago. It secured $300M in funding in January to launch a major U.S. expansion, with plans for projects in San Francisco, Los Angeles, Brooklyn, Boston, Philadelphia, Denver, Austin, Seattle and Miami.
Quarters expects to expand to 1,800 units in the U.S. in the next three years. It also secured a $1.1B investment for its continued expansion in Europe, where it aims to grow to 6,000 units in the next five years.
W5 Group, a leading investor in Quarters' $300M U.S. funding round, bought Clark Enterprises' majority stake in the $150M Highline at Union Market building along with the lease for the co-living space. Caton Commercial Real Estate's Steve Caton, Bill Caton and Andy Velkme represented Quarters in the lease transaction.
The 239 beds will be spread across 99 units of the 318-unit building. The units will consist of of two-, three- and four-bedroom co-living residences. They will feature common spaces and residents will have access to the building's amenities, including a fitness facility, a coworking lounge and a rooftop pool. The building also has 10K SF of retail, including an Orangetheory Fitness.
"This project is a perfect fit for the up-and-coming neighborhood of Union Market," W5 Group principal Ralph Winter said in a release. "We are offering something that is quite unique: an opportunity, through your place of residence, to be a part of a community of likeminded individuals and share in the experience of home."