Sentral, OBG Partner on Flex-Leased Multifamily
Companies to develop multifamily communities offering flex leasing in high-growth markets.
Flexible living pioneer Sentral and OliverBuchananGroup (OPG) have formed a partnership to develop new mixed-use, multifamily projects that deploy Sentral’s business model for short-term rentals in high-growth US markets.
The partners will initially target projects in Denver, San Diego, Phoenix, Dallas, Austin and Nashville, with Sentral serving as the exclusive property management platform for residential properties, the companies said in a release.
Sentral has pioneered several urban residential communities that offer nightly as well as monthly short-term “flexible living” rentals in design-driven and amenity-packed communities. Launched last year with $500M in backing from ICONIQ Capital, the company’s website says its rentals are tailored to “a new generation of consumers who want home plus work or home plus travel.”
Sentral’s Home+ platform offers designer-furnished and unfurnished rentals with flexible lengths of stay ranging from a night, to a month or multiple years. Customers can book a unit by the night for up to 29 days or can enter flexible monthly leases.
The platform also offers tenants a managed home-share program enabling them to offset 25% or more of their total rent when they travel.
The first collaboration between Sentral and OBJ will be a mixed-use project in Denver’s River North District (RiNo) that will combine 300 multifamily units with retail, office and event space. The project will break ground next year.
“As we expand our footprint, we’re strategically aligning ourselves with partners like OliverBuchananGroup who share our vision to build and operate the next generation of residential living,” said Jon Slavet, Sentral’s CEO, in a statement.
“Through this collaboration, we’ll address modern consumer preferences for living and travel while introducing brand standards and flexibility into the multifamily sector for the first time,” Slavet said.
OBG has an expanding portfolio of retail, entertainment, office, hotel and residential projects across the US. According to Chairman Morgan Dene Oliver, the company is seeing rising demand for short-term multifamily rentals.
“It is impactful to see a brand like Sentral pioneering flexible living in the multifamily market, offering residents top-notch amenities and design-driven accommodations in desirable cities,” Oliver said, in a statement.
“We look forward to collaborating with Sentral on developing these new communities and creating dynamic spaces where residents can work, play and make memories,” he said.
OBG is the successor to OliverMcMillan, which sold its assets to Brookfield Properties in 2018.