Proptech firm MetroSpaces has acquired a construction lot in Philadelphia, where it will develop and construct a brand new coliving building.
The new building will be three stories and include bedrooms, as well as a rooftop and workspace area near Templeton University. Construction is expected to be completed by this fall.
MetroSpaces has also entered a purchase deal for another lot expected to close by this month.
These expansions are part of the firm’s plan to grow its Metrohouse platform, which develops coliving spaces catered towards students and digital nomads.
Altogether, the buildings will feature private rooms, socialization spaces, and technology that makes the user experience seamless.
“Many millennials entered the market for the first-time last year, and more are likely to do so in 2022. This age group is the driving force of the U.S. housing market, millennials support the bottom of the housing market and our co-living offering,” said Oscar Brito, CEO of MetroSpaces.
