US: Q Investment Partners (QIP), a Singapore-based private equity real estate firm, has completed an equity funding round for the development of a US$100 million coliving project in Chicago.
The latest round raised $24.5 million, of which $14.5 million was contributed by Bank Julius Baer.
The project, 633 S LaSalle, is a 162,000 square foot, 381-bed development and will be branded and operated by The Collective. It is QIP’s first capital partnership with Bank Julius Baer, and its first venture into the coliving housing sector, via its residential living platform.
QIP chief executive officer Peter Young said: “QIP’s involvement in developing 633 S La Salle is a significant step towards growing our co-living and residential housing investment practice and builds on our strong track-record in purpose-built student accommodation. Bank Julius Baer’s participation in this round demonstrates the increased appetite from private banks for opportunities in the institutional-grade real estate sector, and specifically in the co-living space.”
Designed and constructed by national design-build firm ARCO/Murray, 633 S LaSalle will a coworking space, a restaurant, and a 17th floor roof deck.
