Common Adds 396 Units to Philadelphia Footprint
The company will operate both co-living and traditional units at communities located in the Fishtown, Southwest Center City and Fairmount neighborhoods.
Lincoln Square. Image courtesy of Common
Common has advanced its expansion into Philadelphia with plans to add 396 units of both traditional and co-living units to its operating portfolio. The company will see units from Common Frankford, Lincoln Square by Common and Common at Broadridge included into its management portfolio between March and spring of this year.
In Philadelphia’s Fishtown neighborhood, Common worked with Elk Street Management and CANNODesign for the ground-up development Common Frankford. The community offers 15 traditional units alongside 54 co-living options in three-bedroom units. The community opened in February and features a rooftop deck, coworking spaces and lounge areas.
Also earlier this year, Common worked with Alterra Property Group to bring 36 co-living units in three-bedroom floorplans to the Lincoln Square building in Philadelphia’s Southwest Center City neighborhood. In late spring, Common will also take on 42 furnished studios and 249 co-living units in two- and three-bedroom floorplans across three floors at the Broadridge building owned by RAL Cos., in the Fairmount neighborhood. Residents will get access to community’s amenities including a fitness center, a preschool on the second floor and two outdoor decks.
Common first announced plans to enter the Philadelphia market alongside three other U.S. metros in April 2019 with a $300 million investment. Common’s first project in the Philadelphia market began in mid-February 2020 with Common Civic. Common was in charge of leasing and managing studios and co-living units at the community and received more than 5,000 rental inquiries and conducted 282 virtual tours in the first three months of operations. According to Common, the property averaged a more than 96 percent occupancy rate from July 2020 to January 2021.
MORE PLANS FOR PHILADELPHIA
Currently, the company has more than 18,000 units under development in 22 cities around the world. Common is also expecting to have more than 8,000 units under management by the middle of 2021 and is in talks for another 1,000 units in Philadelphia that would come in the next few years.
Amalia Paliobeis, Common’s senior managing director of real estate, said in prepared remarks that the influx of new renters to Philadelphia is creating a demand for high quality, well-designed and convenient homes. Common noted that the moving services company Unacast released a report that showed 7,500 people had moved from New York City to Philadelphia from February to September 2020. In the months since, Common said the number has grown and expects it to continue growing throughout 2021.
