After entering the city last year at The Civic, Common will manage buildings with three innovative local real estate development partners in early 2021
Common Expands Property Operations in Philadelphia, Adds Nearly 400 units to Management Portfolio : Common, the nation’s leading residential brand that designs, leases, and manages multifamily properties that appeal to today’s renters, today announced one of its largest city expansions to date in Philadelphia. Between now and spring of 2021, the company will open and begin operating 396 new units across the city in three different buildings: Common Frankford in Fishtown, Lincoln Square by Common in Southwest Center City, and Common at Broadridge in Fairmount. With a year long track record of strong leasing and operations at Common Civic, Common’s expansion marks their continued growth and commitment to bringing convenient housing options to the city.
Common has seen tremendous growth in the past year, developing well beyond its original coliving product into a robust and global tech-first residential operating platform. In mid-February of 2020, Common began leasing and managing studios and coliving units at Common Civic. Despite the obvious challenges and uncertainty brought on by COVID-19, the team received over 5,000 rental inquiries and conducted 282 virtual tours in the first three months of operations. From July to January of 2021, the occupancy of the building averaged over 96%. As professionals impacted by COVID-19 continue to take advantage of the flexibility that remote work offers, Philadelphia has seen an influx of new residents who are excited to live in a growing and culturally vibrant city. In September 2020, the moving services company, Unacast, reported 7,500 people had moved from New York City to Philadelphia since February. Common has seen that number continue to grow in the months since, and expects it to rise throughout 2021.
“Our mission to create a better rental housing experience through thoughtful technology and operations continues on through our Philadelphia expansion. I’m thrilled to be able to expand our management presence alongside some of the best real estate developers and owners in the city,” said Amalia Paliobeis, Senior Managing Director of Real Estate at Common. “Philly’s influx of new renters crave high quality, well-designed, and convenient places to live that take the stress out of renting an apartment during a global pandemic. Through our expanded portfolio, we can provide a better experience for them and our real estate partners alike.”
In response to demand, Common is announcing operations at three new buildings in Philadelphia during the start of 2021. Already open, Common Frankford is a ground-up traditional and coliving development with Elk Street Management designed by Common’s in-house architecture and interior team, Common Studio, in partnership with CANNODesign. The final impressive product is 15 traditional and 54 coliving units (in three-bedroom unit types) managed by Common, featuring co-working spaces, lounge areas, and a rooftop deck.
“The team at Elk Street is thrilled to bring this project to life with innovative and creative partners like CANNOdesign and Common,” said Paul Horos, Principal at Elk Street Management. “Fishtown is such an eclectic and exciting neighborhood, but as it has increased in popularity everyday renters have often been priced out of the best places to live. With Common Frankford, we’re combining attainability with timeless design in a city we’re proud to call home.”
At the desirable Lincoln Square building in Southwest Center City, established development and management firm Alterra Property Group brought on Common to launch 36 coliving units (in three-bedroom unit types) earlier this year. At the innovative Broadridge building in Fairmount, Common will manage 42 completely furnished studios and 249 coliving units (two-and-three bedroom unit types) across three floors in partnership with RAL Companies starting late spring. Renters at Common at Broadridge will have access to the building’s ideal amenities including two large outdoor decks and a fitness center. In addition, Chesterbrook Academy Preschool -located on the second floor- will also be open to residents as well as the general public.
“We are excited to partner with Common, which will diversify the offering at Broadridge and provide residents with multiple living options,” said Josh Wein, RAL Companies’ Managing Director. “Broadridge is a visionary project built with the support of the community and that will serve as a perfect addition to one of Philadelphia’s most dynamic and vibrant neighborhoods. We are confident Common will further enhance Broadridge’s unique offering, building on the community’s history and the area’s ongoing revitalization”
Common Expands Property Operations : Common has over 18,000 signed units under development in 22 cities across the globe, and continues to disrupt the property management space. The residential brand expects to have over 8,000 units under management by the middle of 2021, and is negotiating another 1,000 units in Philadelphia that will come to market over the next few years. Of Common’s current 4,500 unit portfolio, about half is coliving and half are traditional multifamily apartments. This past year Common announced the finalists for its remote work Request for Proposals, The Remote Work Hub, added former Deputy Mayor of New York City to its Board of Directors and raised $50 million in its Series D venture capital funding round from Kinnevik.
Common Expands Property Operations : For more information visit Common.com.
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