Nuveen Real Estate has tapped co-living company Common to manage a 575-unit portfolio of multifamily assets.
Neither The Edge in Fort Lauderdale (pictured top) nor Stella in Los Angeles are co-living properties.
Nuveen said it was Common’s tech-driven approach to property leasing and management that drew their interest.
“We are excited to bring Common as a new operator on these two assets. We are looking forward to executing a tech-driven, affordable-leading strategy for leasing, management and experiences in our apartment portfolio,” said Carlos Burneo, Nuveen’s Housing Lead for co-living and flex rental strategies.
Founded in 2015 in Brooklyn, Common has grown to manage a diverse portfolio of 48 multifamily buildings in eight American cities.
With a development pipeline of 15,000 signed beds, Common is known for its ability to achieve high occupancy rates and low delinquency rates by putting technology first in the leasing and management experience.
At its core, it’s mission is to keep rental housing attainable and stress-free in the world’s biggest cities through all mixed multifamily typologies: coliving, microstudio, and traditional units.
“We are thrilled to welcome over 600 new members to the Common family and partner with a trusted institutional real estate expert like Nuveen,” said Common founder and CEO Brad Hargreaves.
“Now more than ever, the spaces where we live are an outsized portion of our daily life. Being happy in the place you call home is no longer a luxury, it’s an essential part of our day-to-day. ”
Common claims to eliminate everyday stressors through digital rent payments, virtual tours, eliminating upfront security deposits, reliable property manager communications, and more.
“Leading cities in tomorrow’s world need innovation to meet the needs of middle income renters in terms of affordability, convenience and community,” said Austin Mitchell, Nuveen’s Head of Global Strategy.
“With Common, we see innovation that is backed by data and a focus on housing as a consumer product. We think that is a great foundation to create an experience that better meets consumer needs, and ultimately the needs of our investors.”
Starting today, Common will be bringing their expert operations to The Edge including access to their proprietary app for the entire building of existing tenants. Residents will now be able to attend weekly virtual events and programming, chat with their neighbors or other Common residents across the US, digitally flag maintenance issues or repairs to the team, and receive discounts to local businesses and trusted brands like CareOf, Calm, and Brooklinen.
Common will also take over the leasing and inside-sales process to provide virtual tours, increased check-ins from our member experience team, and security deposit replacement options so that renters can have more cash in hand.