The joint venture between Global BTR and the coliving asset manager Node has finalised its acquisition of another asset manager in the same asset class, Starcity Spain.
Both partners will begin the refurbishment and repositioning of Starcity’s nine assets. Once completed, they will be operated by Node.
The coliving firm Node, founded by a former Blackstone executive, is focused on city centres, providing all-inclusive, furnished flats. Its business model includes agreements with institutional investors for new openings. Node has further developments planned for the UK, Ireland, Spain, Canada and the US.
For its part, the firm entered Barcelona in 2020, hand in hand with Barcelona Homes. The two created a joint venture to reposition assets. The partnership with Barcelona Homes allowed Starcity to operate the former’s multifamily portfolio, which exceeded 16,000 square metres.
