Common has secured its first management assignment in Washington, D.C.’s burgeoning National Landing submarket. JBG SMITH, the property owner of 2221 S. Clark St., selected Common to manage the co-living units and studios of the 216-unit community.
The property was previously a WeWork location, which also offered the experimental co-living section known as WeLive, before shuttering earlier this year, as reported by ARLnow. With Common stepping in, 2221 S. Clark St. will be rebranded to Common at National Landing.
Common will be in charge of managing the community’s 180 studios, 18 three-bedroom and 18 four-bedroom co-living suites. The community also offers a media lounge, communal kitchen, wellness studio, library, outdoor deck and bike storage.
Common at National Landing is located near Crystal Drive, a shopping strip with many restaurants and retail options. The neighborhood is also home to Amazon HQ2, whose second phase development plans were recently submitted, and Virginia Tech’s $1 billion Innovation Campus project.
FAST GROWING PORTFOLIO
With Common at National Landing, the company now operates nine properties in Washington, D.C., after initially entering the market in 2017. Alongside its first assignments in the city’s Shaw and Chinatown neighborhoods, Common was recently tapped in April to manage the 239 beds of the newly-built i5 Union Market.
Outside the U.S. capital, Common also expanded its management footprint in Los Angeles and Philadelphia. In March, the company secured management agreements with three communities in the Philadelphia area, taking on both traditional and co-living units. Common was also able to expand its portfolio in June after acquiring co-living operator Starcity’s management agreements for several communities in New York City, Chicago and Washington, D.C.
According to Common, the company also has more than 26,000 signed units under development in 22 cities across the globe.