Asset manager Six Peak Capital, which invests in co-living development projects with Common Living Inc., is looking to raise $1 billion in initial debt and equity capital.
The capital is aimed at increasing Six Peak's co-living presence in gateway markets across the U.S.
The initial funding will be seeded with a portfolio of more than 1,000 beds across owned and under-contract properties, with total capitalization of more than $135 million. Six Peak also identified a pipeline of co-living properties totaling more than 6,000 beds and requiring debt and equity of more than $1.5 billion.
Including the seed assets, Six Peak's co-living portfolio will total more than 2,200 beds and $350 million. It aims to expand the portfolio to more than 6,000 beds by 2022.
Cushman & Wakefield was retained to raise the initial capital target.
