Living Company co-founder snaps up $50M mansion

With more than $17 billion under management, 117 properties and over 36,000 apartments across its portfolio, The Living Company – led by co-founders Craig Carracher AM and Stephen Gaitanos – has built a significant presence in the sector.

Stephen, a former Morgan Stanley investment banker, and his wife Emma, have purchased a $50 million mansion in Bellevue Hill, a harbourside suburb 5km east of Sydney’s CBD, marking a significant upgrade from their Hunters Hill home bought for $4.2 million in 2018.

The acquisition underscores the financial strength behind Craig and Stephen’s growing property empire since co-founding Scape Australia in 2013. The business has since evolved into The Living Company, expanding into Build To Rent housing, affordable living and retirement communities.

In June last year, The Living Company paid Brookfield Asset Management $3.85 billion, for retirement village operator Aveo in the largest ever direct real estate transaction in Australia.  In September last year, Craig said the deal cost closer to $4.5 billion.

The Bellevue Hill purchase, confirmed through recently lodged transfer documents, show the property was acquired from Plenary Group co-founder Paul Oppenheim and his wife Cathie-Jane, who had previously renovated the home after buying it in 2017.