Co-living space provider Starcity agreed yesterday to purchase the key assets of Ollie, a US-based competitor backed by insurance group Aviva, for an undisclosed amount.
The deal includes Ollie’s technology and intellectual property as well as its business agreements in major cities. Once its assets have been combined with Starcity, the company will operate more than 1,500 units with a further 3,000 under development.
Ollie was founded in 2011 and oversees co-living housing spaces in urban centres such as New York, Los Angeles, the San Francisco Bay Area and Boston. It also provides hospitality services and a service that matches customers with housemates.
In January 2018, Ollie raised $15m in a series A round co-led by Aviva vehicle Aviva Investors Real Estate Capital Global Co-Investment Fund and pension fund Employees Retirement System of Texas.
The round included Currency M, the venture capital arm of property developer Moinian Group, and angel investor Justin Mateen.
Ollie president Gregg Christiansen said: “Bringing the Ollie platform into Starcity gives our residents, clients and team a company that is aligned on our housing philosophy, facilitating further growth of attainable housing nationally and globally. I am excited to see what we can accomplish together.”