Today, Common, the fastest growing residential brand that designs, leases and manages multifamily properties globally announced it has opened 80 coliving units at The Agnes in Jersey City. Together with real estate developers Fields Grade and Blumberg & Freilich, Common will be managing the first coliving offering in Jersey City. Common’s shared apartments at this highly-amenitized and desirable building will serve as an attainable living destination, offering respite from rising rents in nearby Manhattan.
The Agnes, totaling 233 rental apartments, was developed by Fields Grade, a design-led real estate development company focused on building communities through art and culture, and joint venture partner Blumberg & Freilich Equities. The project’s first phase of 145 apartments opened to the public in early 2021 and was quickly leased up. 68 additional apartments were rolled out in late October of 2021 and have seen similar success with 80% already leased. Starting today, 80 new coliving units managed by Common across four floors and 20 apartments are now available for leasing. Through Common’s all-inclusive residential model, their coliving rents will begin at $1,375– 15% less than market rate studios in Jersey City.
“We’re excited to partner with Common for this offering at The Agnes as we continue to pursue opportunities that serve our market and enhance the resident experience,” said Greg Russo, a principal with Fields Grade. “Home sharing has become an appealing option for some renters. By aligning with Common, we’re able to provide this alternative on a select group of apartments within the community while ensuring management standards are met for the benefit of all of our residents.”
The Class-A building offers residents art and culture-focused conveniences unlike any building in the area. Common members living at the Agnes will have access to the community’s 10,000+ square feet of amenities which include an outdoor pool and landscaped courtyard, club room and workspace, communal kitchen, cafe and the art and design library. Residents will also benefit from design amenities as Fields Grade worked with forward-thinking partners like Backdrop paint, ceramic artist Jono Pandolfi and Tula plants. Complimentary commuter shuttle service will bring residents to the Journal Square PATH Station during the morning and evening commutes, offering even greater access to New York City.
“As the leaders in coliving, Common is thrilled to bring this offering to Jersey City exclusively at The Agnes,” Brad Hargreaves CEO and Founder of Common said. “Fields Grade is a like-minded partner focused on bringing sought-after housing to communities, like Common. With extensive experience managing in the New York City area, Jersey City is a natural extension for Common’s coliving offering.”
Common at The Agnes residents will have access to exclusive Common community events, convenient payment and communication technology, local and national brand perks, and more. Coliving suites come fully furnished with all-inclusive rent and weekly cleanings. Common has over 22,000 signed units under development in 22 cities across the globe. This past year, Common acquired management agreements from its biggest competitor Starcity, announced major expansions in Philadelphia and LA, added former Deputy Mayor of New York City Alicia Glen to its Board of Directors,and raised $50 million in its Series D venture capital funding round from Kinnevik.