Node, the company behind the Republic's first co-living residence, has raised €12.4 million in funding from a commercial property lending platform due to the early success and strength of its Dublin premises.
The company opened its boutique “curated living” residence, comprising two- and three-bedroom furnished apartments with communal areas, in Fitzwilliam Square, Dublin 2 in April.
The scheme, which is fully let and with a large waiting list, is aimed primarily at those aged 25-35 years of age. Rent, wifi and utilities are all bundled into a fixed monthly fee for residents with additional services such as roommate matching, special events, and access to other Node residences worldwide, all included.
Starz Real Estate, which closed the funding deal, said Node Dublin had attracted residents both from the Republic and across the world.
“This is an ultra prime property located in a highly sought-after residential area, where we anticipate continued strong demand. We are delighted to be working alongside an innovative sponsor with a commendable track record and supporting Node going forward,” said Limor Shilo, head of loan origination at Starz.
Co-living differs from traditional types of home share options, primarily due to the investment made in kitting out the properties with cutting edge technology and top-of-the-range amenities.
While co-living is a relatively new concept for Dublin, trendy co-living spaces have been the rage for millennials in cities such as New York and San Francisco, with some co-working companies, such as the $20 billion start-up WeWork, also moving into the market.
The brainchild of Canadian property investor Anil Khera, Node also has co-living spaces in Toronto, London and Brooklyn. It intends to expand to Los Angeles and Seattle later this year.
Node Dublin, which was designed by local architects NDBA and international firm DesignAgency, comprises a 51-bed residence of two- and three-bedroom apartments ranging from 60-75sq m each. All apartments have an open-plan kitchen and living space and each bedroom has an en suite or dedicated bathroom.
Rents cost €1,200-€1,500 a month per bedroom.
Mr Khera, who previously created and led Blackstone’s European real estate capital markets group in London, founded Node in 2016.