Harriman Capital, a new real estate private equity firm, announced its first investment focused exclusively on coliving.
The firm will pump $15 million into developing four new coliving properties in New York City and Los Angeles, to be managed by co-living company, Common.
Launched in late 2016, Harriman Capital forms programmatic joint ventures with family offices and institutional investors to purchase and develop properties with innovative approaches and creative design to improve the way people in cities live. Harriman’s development marks Common’s first home announced in Los Angeles, following successful home launches across the country in New York City, San Francisco, Oakland, Washington, D.C., and Chicago.
Common currently has 482 rooms across New York, San Francisco, Oakland, Washington, D.C., and Chicago, with hundreds more rooms and new cities slated to open over the next few years. The new homes in New York and Los Angeles in partnership with Harriman Capital will bring 145 new co-living bedrooms online.
In June of 2016, Common raised a $16 million Series B round from investors including Circle Ventures, the technology arm of the Milstein Family, LeFrak, Solon Mack Capital, Ron Burkle’s Inevitable Ventures and Wolfswood Partners. Previously, in June 2015, itraised $7.35 million in a Series A led by Maveron.