SAN FRANCISCO, — Outpost Club, a leading real estate technology platform in New York City, announced today it has opened its first coliving house in San Francisco. The coliving space provides affordable accommodation to 18 members in a newly renovated location. The new space opened less than a month after the company announced its expansion plans for the West Coast.
Outpost CEO Sergii Starostin said last month the company would quickly open affordable, all-inclusive coliving houses in California. A site was found in Japantown, and further expansion of Outpost’s coliving model is underway.
“Our Japantown House marks an important milestone for Outpost, as we’ve looked forward to expanding to the West Coast for some time. This house keeps us on track to reach our initial goal of opening 250 affordable units in the city,” Starostin said. “San Francisco is the perfect complement to our New York operations due to the two markets’ similar housing needs and challenges.”
Outpost attracts nearly 500 applicants per month in the two most competitive real estate markets in the U.S. It currently operates 11 coliving homes with more than 240 tenants.
Along with SAYJ Global Partners, its strategic partner in San Francisco, Outpost is addressing the needs of young professionals, interns and post-grads in the Bay Area who are looking for a strong community and safe, flexible housing that won’t break the bank.
“Affordable housing is a must for communities to attract the best and brightest employees and public servants in this region,” said Judith Iglehart, SAYJ partner. “The lesson learned from Outpost is the housing need created by high prices can be solved. Outpost is a fast growing, viable, double bottom line investment in the private equity ecosystem.”
“We’ve put a lot of thought into building a scalable business model, from our first house in Brooklyn’s Flatbush neighborhood to our bi-coastal operation,” Starostin said. “We’re looking forward to opening more houses in San Francisco in coming weeks and invite investors to join us.”
Outpost Club, one of New York’s leading coliving operators with 11 houses and more than 240 members, operates in the $600B U.S. rental market. Outpost makes better use of cities’ existing housing through master leases to build strong communities of people who see value in shared space. For more information, visit www.outpost-club.com.