FORT LAUDERDALE, FL - Common, the nation's leading residential brand that designs, leases and operates community-oriented multifamily properties, announced a 575-unit portfolio expansion in partnership with Nuveen Real Estate, one of the largest investment managers globally. Common will take over as operator for two of Nuveen's largest Class A US multifamily assets: The Edge and Stella. Starting today, Common will be bringing its years of renter-first property management experience and innovative technology practices to over 331 units of The Edge in Fort Lauderdale's Flagler Village. In July, the brand will assume management of the 244-unit Stella building in Los Angeles.
Founded in 2015 in Brooklyn, Common has grown to manage a diverse portfolio of 48 multifamily buildings in eight American cities across, quickly becoming the largest community-driven operator in the US. 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. I look forward to working with Nuveen to bring community and convenience to Fort Lauderdale's Flagler Village with The Edge by Common and continue building our robust LA community with Stella by Common."
Constantly searching for ways to improve the experience of the residents in their portfolio, the Nuveen Real Estate platform saw first-hand how Common eliminated 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."
After first coming together, Nuveen noticed a different approach to apartment operations. Through density, data analysis and technology, Common can enhance Nuveen's operations at the properties managed by Common. "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.