Coliving aggregator Quarters expands into Philadelphia

Coliving aggregator, Quarters, has its eyes set on one of Philadelphia's hottest spots for newly developed real estate

Coliving subsidiary of the Medici Living Group, Quarters, has recently announce the plans for its second project in its latest expansion phase. Being the first project outside of New York and Chicago, this one will plant its roots in Philadelphia's 1150 North American St. on the northwest side of Northern Liberties, a hotbed for new developments.

Quarters will have a long-term master lease with the property's owner and developer, Spain Property Group, which is building the six-story project from the ground up with Vaughan Buckley Construction. The companies broke ground at the site, formerly occupied by a beer distributor, late last year and expect to deliver it before the end of this year.

At 186 residential units spread across 74 shared apartments, the 60K SF building will be Quarters' largest in the U.S. when it is completed, though founder and CEO Gunther Schmidt expects that mark to be bested in relatively short order. After completing a $300 million fundraising round for its U.S. expansion, led by family wealth fund W5 Group, Quarters is hitting the gas pedal.

"Now we're going to be announcing new buildings monthly, and we've been looking especially hard in Washington," Schmidt texplained.

Schmidt said that he and U.S. real estate head Mark Smith chose Philadelphia as one of their first expansion targets due to its combination of a robust university system and strong tech talent pipeline. With the latter in mind, it is hardly an accident that the company chose its specific location: A block away from the site is the Piazza at Schmidt's, which contains a WeWork location and the headquarters of homegrown software company Seer Interactive.

The blocks surrounding the Piazza are beginning their own development mini-boom. Just across American Street, Streamline Group has fenced off the triangular lot just north of the Piazza and west of its sister retail development the Shops at Schmidt's for a combination of townhomes and apartments.

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