Starcity hires Peter Houghton as Managing Director of Capital Markets
SAN FRANCISCO, Nov. 13, 2018 /PRNewswire/ -- Today Starcity, the startup pioneering community-based living, has announced the hire of Peter Houghton as the company's Managing Director of Capital Markets. In the role, Mr. Houghton will oversee the company's fundraising, investment strategy, acquisitions, and asset management oversight.
Mr. Houghton has nearly 20 years of experience in real estate and has a $2.5B investment track record in multiple product types including urban multifamily housing and hospitality. He spent the past seven years as the commercial real estate portfolio manager for Lowe Enterprises Investment Management where he raised capital for commercial investment strategies. Mr. Houghton's previous roles include stints with impact investors MacFarlane Partners and the Canyon Johnson Urban Fund where he worked with Earvin "Magic" Johnson to bring capital to densely populated, ethnically diverse communities that were being overlooked by institutional capital. His notable California investments include The Hotel and Residences at LA Live, mixed-use apartments and retail at Sunset & Vine and the transit-oriented mixed-use development, Smart Corner in San Diego.
"Peter is a powerhouse in the real estate industry, with an incredible track record of investing in and overseeing major residential and hospitality development projects," said Starcity co-founder & CEO Jon Dishotsky. "His experience will help Starcity secure the necessary investment to continue to scale, and will be crucial in some of our biggest upcoming ground-up projects throughout the US."
Starcity develops mid- and high-rise coliving neighborhoods and converts underutilized multi-family, hotel, and office buildings to coliving properties, adding to a city's housing stock without displacing current residents. Each member of a Starcity community has a fully-furnished private bedroom and private or shared bathroom, and access to shared living spaces like kitchens, sitting areas, and TV areas. Leases are designed with flexible terms, and one convenient monthly payment includes residential utilities and shared supplies, as well as shared services like home cleaning, with the option to add on other services like laundry or dog walking. Designed to foster community and social interaction amongst its members, Starcity delivers a welcoming living experience while adding three times as many units of housing to the market compared to traditional apartment rentals. The company recently announced two major ground-up projects in San Jose and San Francisco, delivering nearly 1,000 coliving units by 2021.
"I've been lucky throughout my career to work with recognized leaders who are dedicated to improving accessibility and the quality of life for a broad range of urban dwellers. Starcity has a similar vision for the future of housing that is personally motivating and should be very attractive to the investment community" says Houghton.
About Starcity
Starcity creates beautifully designed co-living communities by identifying underutilized or abandoned multi-family, hotel, and office buildings to renovate, adding to a city's housing stock without displacing a community's longtime residents. Starcity offers its members a private, fully furnished bedroom, complemented by shared kitchens and living spaces, so residents can opt-in to be a part of a greater community while living in comfort. With community-building at its core, Starcity works with local community stakeholders and nonprofits to understand the neighborhood in which they offer housing, offer volunteer and engagement opportunities to its residents, and become a source of energy and opportunity for the neighborhoods in which they offer housing. Software makes the entire process work with a suite of products that making living as a group efficient and enjoyable. Founded in 2016 by CEO Jon Dishotsky, Chief Product Officer Mo Sakrani, CTO Josh Lehman and COO Jesse Suarez, Starcity currently employs 35 people and has offices in San Francisco and Los Angeles.
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SOURCE Starcity
