Australian co-living startup Caper Co-Living has launched with its first two properties in Sydney located in the suburbs of Newtown and Petersham, it said in an announcement today.
The properties are being launched in partnership with two private investors, who have “invested significantly” in Caper Co-Living, said the startup.
“We received strong interest from traditional property investors and from investors interested in benefiting from market disruption. All appreciate the stable returns and strong cash-flows on offer from the co-living model against the backdrop of an increasingly uncertain Australian property market,” said Caper Co-Living co-founder and director, Jonty Nel.
The property in King Street, Newtown will offer 16 en suite studios starting from January 2019 while the property in Shaw Street, Petersham has been converted to a 40-bedroom co-living place and will be available in March 2019.
Although just founded in 2018, Caper Co-Living is looking to launch three to four new properties annually for the next five years, its co-founder and CEO, Chrystan Paul told DEALSTREETASIA.
He also expects the startup’s future properties to consistently increase in size as the co-living platform scales, besides introducing new products to complement the business.
“Our long-term vision with Caper Co-Living is to have a strong network of co-living properties across Australia and New Zealand that caters to a wide demographic seeking quality rental accommodation. For the first five years, we want to focus on major capital cities in this region, however we also see very good opportunities in second-tier regional cities where rental supply may be limited,” he said.