Placemakr, a Washington, DC-based flexible-use multifamily and hospitality operator, raised $65M in funding.
The round, which brought the total capital raised to $350M, was led by Highland Capital Partners, Harbert Growth Partners, Bernstein Management Corporation, Camber Creek, and Gaw Capital USA.
The company intends to use the funds to continue doubling down on property acquisitions and developer partnerships throughout the U.S. to meet the consumer demand for apartment-style hotels, short-term rentals, and flexible-living accommodations.
Led by CEO Jason Fudin, Placemakr is a flex-use hospitality and residential operator, and real estate investor. The company leverages a platform for multifamily developers and owners to transform existing properties into commingled spaces, effectively combining multifamily and hospitality uses in one building. This announcement follows two new property launches, Placemakr Wedgewood Houston and Whyhotel by Placemakr, Columbia. In addition, Placemakr recently announced a partnership with Bernstein Management Corporation and Urban Atlantic to acquire an office building on K Street in DC and convert it into a hotel-apartment hybrid property.
FinSMEs
21/03/2023
WASHINGTON, March 21, 2023 /PRNewswire/ — Placemakr, a flexible-use multifamily and hospitality operator, today announced $65M in new funding, surpassing $350M in total capital raised. This announcement comes alongside the appointment of Timothy G. Franzen, former president of Graduate Hotels, to its C-suite. Placemakr’s property operations model drew funding participation from venture capital and major real estate investors alike, including Highland Capital Partners, Harbert Growth Partners, Bernstein Management Corporation, Camber Creek, Gaw Capital USA, and more. In addition to securing outside investments, Franzen’s appointment to Chief Development Officer marks a key moment of expansion for the organization. In this role, Franzen is leading the company’s effort to expand and grow inventory under management through partnerships with major real estate owners and developers across the country.
FinSMEs
21/03/2023