Common, the co-living company backed by a $1 billion investment fund, has launched a new workforce housing brand, Noah Living.
Noah, part of the Common family of brands, is partnering with Outlier Realty Capital on its first residential portfolio in Virginia.
Its platform offers “a stress-free rental experience” that includes access to benefits and perks including student loan advisory services, prescription discounts, passive savings and investing plans, financial planning tools, free security deposit options, and more.
“Since 2015, Common has made renting more convenient and a better value with our thoughtful design, technology, and data-driven operations. Today, I’m excited to look beyond coliving and bring our renter-first management approach to even more people with Noah. People everywhere, both in and outside of cities, deserve a well-maintained apartment and enriching community to call home,” said Common founder and CEO Brad Hargreaves.
“I see Noah as the next logical step in our mission to add value to the renting experience, and we’re fortunate to have a launch partner in outlier Realty Capital that truly shares Noah’s vision.”
“Common is facing the same issues all multifamily managers are facing right now: some residents are losing their jobs or looking to leave our buildings to be with their families elsewhere. But I feel strongly that the COVID-19 crisis will only exacerbate the need for stress-free housing at prices people can actually afford, through roommate living at Common and affordable living at Noah.”
With 13.5 million renters in the U.S. earning 60-120 percent of area median income, Common has built out a pipeline of over 10,000 units across the world since its founding in New York City in 2015.
A lack of innovation in the segment has contributed to an increase of aging apartments across the country and a shortage of supply.
Last year, Common investor Six Peak Capital tapped Cushman & Wakefield to raised $1 billion in debt and equity to fund its US expansion with Common.
“We are thrilled to collaborate with Common as it kicks off its workforce brand focused on delivering a better experience to residents, ” said Outlier Realty Capital Founder and Managing Partner Peter Stuart.
“By focusing on acquiring and preserving naturally occurring affordable housing with Noah as our partner, we expect to bring a differentiated living experience to residents and produce attractive returns for our investors.”
Noah operates five buildings across Hampton Roads and Winchester Virginia: Noah at Beamon’s Mill, Noah at Pembroke Pines, Noah at Barrington Woods, Noah at Pine Plaza, and Noah at Wright Apartments. Rents start at $750.
Noah currently manages just shy of 500 units and by the end of 2020 is expected to expand to 1,200 units in this key market-rate housing segment throughout the country. Through 2022, Noah will further expand nationally with an emphasis on the Mid-Atlantic and Sunbelt, adding approximately 8,000 apartments to its workforce housing portfolio.