Vanguard Student Housing, with 15 years of experience in the coliving and student housing sector, has launched a new brand aimed at young people and students who want a more independent living experience. The new brand, called Cotown, is described as informal and fun, catering to those who want to break away from the typical coliving community. According to Victoria Garós, the marketing manager, Cotown shares a similar style and humor with popular brands like Putos Modernos or Puterful.
The official launch of Cotown comes two months after the investment fund Patron Capital announced the acquisition of 3 Capital Real Estate, the management company of Vanguard Student Housing. While Cotown was in development before this acquisition, the investment from Patron Capital has given the brand a significant boost. Vanessa Esteban, CEO of Cotown, has revealed that the brand is in the midst of an ambitious yet realistic expansion plan. With an investment of 50 million euros in 2021 and 2022 for the purchase of new buildings, Cotown plans to invest an additional 150 million euros in the coming years.
Currently, Vanguard Student Housing and Cotown manage a total of 12 buildings in Barcelona and two in Valencia. Three new buildings are set to open this September, two in Barcelona and one in Valencia, with plans to enter the markets of Bilbao and Madrid in the near future. The focus of Cotown’s coliving concept revolves around four key aspects: location, community, comfort, and flexibility. Unlike other coliving operators, Cotown manages entire buildings to better cater to the needs of its residents and foster a sense of community among them.
Cotown offers apartments that can accommodate anywhere from one to seven people, with the most common setup being shared apartments for four or five individuals. Services such as wifi, weekly cleaning, 24-hour emergency assistance, and inclusive utilities are provided. Additionally, Cotown offers a minimum one-month contract with the option to extend up to eleven months, with the possibility of continued stay beyond that period. The brand prides itself on offering a personalized and supportive environment for its residents.
Looking ahead, Cotown aims to focus on technological advancements and enhancing the well-being of its residents. By creating spaces that feel like home and adapting to the evolving needs of the market, Cotown plans to introduce amenities such as gyms, coworking spaces, and recreational areas within its buildings. The brand’s goal is to provide a holistic living experience that prioritizes both comfort and convenience for its residents.
In terms of occupancy rates, Carolina Scagliarini, the commercial director, states that Cotown maintains a high occupancy rate of 80-95%. However, she acknowledges that there is a decrease in occupancy during the summer months when students typically return home. To combat this seasonality, Cotown aims to establish a more diverse and inclusive community that transcends traditional student housing models, thereby reducing the impact of seasonal fluctuations on occupancy rates.
Overall, Cotown’s innovative approach to coliving, coupled with its focus on community building, technology integration, and resident well-being, sets it apart as a modern and dynamic player in the student housing market. With a strong emphasis on creating a supportive and inclusive environment for its residents, Cotown is poised for continued growth and success in the years to come.