DENVER, Colorado – December 10, 2020 – The Co-Own Company, a new startup in Denver, aims to revolutionize the definition of ‘starter home.’
With the cost of living outpacing wages by a factor of three to one in recent years, Denver’s housing market has become a blood sport that favors cash buyers who can pay tens of thousands over the list price to get an ideal home. The intensity of the current market is boxing out first-time homebuyers who don’t yet have a foothold on the wealth created by property ownership.
The Co-Own Company uses a cooperative structure to sell ownership shares in their projects. Most homes have four to six shares, meaning that ownership of the building is shared between four to six people. Each property has community agreements to manage responsibilities inside the house, and regular maintenance is covered in the monthly housing cost. With shares in townhomes starting at $100,000, residents could gain access to homeownership for as little as $5,000 down.
Borrowing from popular co-living models that have popped up throughout the country, The Co-Own Company’s properties are designed for interaction while still providing enough space for privacy. The townhome models offer each resident a private suite with a sizable bedroom, private bathroom, and coffee bar setup to allow residents to cook small meals. The larger projects offer small apartment-style setups for each shareholder with separate bedrooms, kitchenette, and small living rooms. The magic of Co-Own’s design is in the ample shared space that’s designed for connection: each Co-Own property has a spacious shared dining room, large open kitchen, co-working space, and outdoor amenities to encourage daily interaction.
“The major difference between our model and other co-living companies is that we offer people a way to gain equity from the beginning,” says Jason Lewiston, Co-Own’s founder. “For roughly the cost of renting, we’re able to give people an equity stake in a new building with high-end finishes. If our members hold their shares for five years, they could leave with as much as $70,000 in their pockets.”
The Co-Own Company is currently raising capital for their first project on Wefunder and has three Denver sites identified for their launch, with units planned to open at the end of 2021. To set up an interview with Director of Sales Sarah Wells, please see contact info below.