As rents continue to soar in America’s most desirable cities, companies like New York-based Ollie are angling to transform the real estate market with an updated version of an old model of co-living spaces. Ollie has its own spin on things. The company has designed its apartments to maximize limited space with high-concept design furniture and offers all of its tenants free Wi-Fi, premium television and fancy soaps in the bathrooms. Linen and maid service are included as well, making the company’s properties seem more like extended-stay hotels than rentals or shares.
Founded by brothers and former bankers Christopher and Andrew Bledsoe, the company has raised $15 million in financing to expand beyond New York and Pittsburgh, with locations in Los Angeles, Boston and Jersey City, NJ. The capital came from Aviva Investors Real Estate Capital Global Co-Investment Fund, in partnership with the Employees Retirement System of Texas. Additional investors include Currency M, the venture division of real estate firm The Moinian Group, and tech entrepreneur and real estate investor Justin Mateen.