German property firms, Medici Living and Corestate Capital Holding SA, plan to invest $1.14 billion to develop their co-living facilities across Europe and the United States.

Young professionals that were priced out of major city housing markets are driving the demand for the co-living concept where tiny apartments are grouped around shared facilities such as dining areas, lounges, work spaces, laundry rooms and gyms.

Caton Commercial brokers, Bill Caton, CIPS, Steve Caton, CCIM, and Andy Velkme, CIPS will partner with Medici for site selections as they target U.S. cities for expansion. Medici Living currently operates two sites in New York and one in Chicago under their QUARTERS brand name.

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