Q Investment Partners (QIP), a Singapore-headquartered private equity real estate firm, has completed an equity funding round for the development of a US$100 million co-living project in Chicago. The latest round raised US$24.5 million, of which US$14.5 million was contributed by Bank Julius Baer.

The project, 633 S LaSalle, is a 162,000 square foot, 381-bed development. It is QIP’s first capital partnership with Bank Julius Baer, and its first venture into the co-living housing sector, via its residential living platform.

QIP chief executive officer Peter Young comments: “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.”

As the United States continues its vaccine rollout and restrictions are lifted, leasing metrics for co-living assets have rebounded and exceeded pre-Covid rates due to the continued depth of demand, relative to supply, QIP says.

Operated by The Collective, one of the largest global players and pioneers in the co-living sector, 633 S LaSalle will provide accommodation for 381 residents in a world-class, community-oriented building. Designed and constructed by leading national design-build firm ARCO/Murray, residents will benefit from a variety of exclusive communal spaces, including a co-working space, a restaurant, and a 17th floor roof deck.