Nuveen said it was Common’s tech-driven approach to property leasing and management that attracted it, and Common will now operate The Edge in Fort Lauderdale and Stella building in Los Angeles.
“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 coliving and flex rental strategies.
Founded in 2015 in Brooklyn, Common manages a diverse portfolio of 48 multifamily buildings in eight American cities, and has a development pipeline of 15,000 signed beds.
“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 offers digital rent payments, virtual tours, no upfront security deposits, property manager communication 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.”
Common will be bringing its operations to The Edge from today, including access to a proprietary app for the entire building of existing tenants. Residents will now be able to attend weekly virtual events and programming, chat with their neighbours or other Common residents across the US, digitally flag maintenance issues or repairs, and receive discounts to local businesses and trusted brands such as CareOf, Calm, and Brooklinen.