The BTR developer and operator has currently secured six sites across London totalling 2,600 units, with more in negotiation stages.
The new co-living operation, which will initially focus on London and the South East, is on track to deliver around 1,000 new homes a year from 2022 onwards.
Moda’s studio rental neighbourhoods will build on the business’s existing BTR portfolio and will feature a range of amenity spaces for its residents, including gyms, co-working spaces and lounges.
The company will also focus on using sustainable building materials and best-in-class technology for the neighbourhoods’ construction and operation.
In addition, it will prioritise working with local and independent businesses and wherever possible, construction and operational teams will be recruited from the local area, creating jobs and supporting the local economies.
Following a period of recruitment during the pandemic, the co-living operation is run by a team based in Moda Living’s central London office.
The launch of the new arm brings the company’s total pipeline to 10,000 homes with a combined GDV in excess of £3.5bn.
- High-street lenders slammed for not having the systems to understand the risk profiles of modular
- Moda Living announces 13 new hires
- Moda Living joins FOOTPRINT to encourage sustainability in property industry
The family-run business recently opened its second BTR neighbourhood – Moda, The Lexington – with more than 40% of the building pre-let, and is on track to open a further four neighbourhoods by the end of 2022.
James Edwards, development manager at Moda Living’s co-living platform, said: “Moda Living is building a family of platforms in the living sector that will provide state of the art, high tech, sustainable homes that cater to all requirements and demographics.
“Co-living is an exciting market with huge potential and complements Moda’s existing portfolio of thriving rental communities.
“We are extremely excited about working in this space and look forward to embracing the many opportunities the platform will offer, as well as creating best-in-class studio homes for the next generation of renters.”
Johnny Caddick, chief executive at Moda Living, added: “There is a rental revolution happening, and years of planning and preparation means Moda Living is positioned to lead the charge on creating outstanding homes for people of all ages and requirements.
“We are extremely excited about our co-living platform, as the model is based on the same core values Moda Living has always held: creating close knit communities with lifestyle and wellbeing at their heart, supported by the best technology and sustainable practices.
“This is a crucial step in the business’s journey and we look forward to seeing the new communities come to life.”