Q&A with Sasha Cucuz – Society Living & Greybrook Realty Partners

All Society Living buildings are purpose-built to incorporate the social living concept. PMG and Greybrook come from a development background and design all aspects of the building are designed from the ground up to reflect the brand. The buildings include premium amenities including oversized gym, co-working spaces, pools, bars, coffee shops and more. What really sets the brand apart from other multi-family offerings is the social programming. Buildings drive to create communities through offering various events from yoga to professional networking events, group cooking classes to movie screenings, Society Living’s tailored social programming delivers a level of social engagement that many renters are seeking. Society Living also maintains a first mover advantage as it is the largest national operator of multi-family buildings with co-living units in the United States.

Our society buildings do include a portion of co-living space but are not purely a co-living strategy. Co-living represents a solution to a growing rental affordability issue affecting many cities across North America. At its core the concept is straightforward, co-living offers a rent by-bedroom option within a multi-family building where tenants can rent by bedroom. Renters are effectively trading space for dollars and are able to enter grade A buildings in prime urban locations at a new price point. While from a total dollar perspective rent by-bedroom is the most affordable option for a renter, from an asset owner’s perspective rent by bedroom can offer higher per square foot rents. All co-living units within Society Living come with an ensuite bathroom, an individually managed lease, cleaning for common spaces and roommate matching within the highly amenitized buildings.

Throughout the course of the pandemic, Greybrook and our partner PMG’s social living communities have shown considerable strength and resiliency with strong lease-up activity, rents, and occupancy rates as a result of our unmatched ability to offer desirable urban living options at the most affordable price points, particularly at a time when the number of renters in many U.S. urban markets is accelerating.

Looking ahead, we intend to significantly increase our investments in on our Society Living platform in 2021 as we believe the demand for this multi-family asset class offers an exceptional risk-adjusted return profile for our investors. We are currently assessing a number of new markets to expand our Society Living platform in the U.S and are very excited to announce our next targeted Society Living development will be in Denver, Colorado. We expect to launch the investment offering for Society Denver in Q1. In addition to Denver, we are currently evaluating opportunities in Nashville, Tennessee and Atlanta, Georgia.