Common has expanded its management portfolio in Washington, D.C., with 239 beds in a newly-built community. The property owner, W5 Group, has tapped Common to manage its co-living units at i5 Union Market.
The 315,000-square-foot community includes both co-living and conventional units. The co-living portion of the community spans approximately 67,000 square feet spread among 99 designated units offering two-, three- and four-bedroom floorplans.
The community’s conventional units occupy nearly double the space, totaling 130,628 square feet throughout 219 units in studio, one- and two-bedroom floorplans.
Raphael Sidelsky, W5’s chief investment officer, told Multi-Housing News that Common will only be managing the co-living units while Bozzuto will continue to manage the conventional units of i5.
Like with its other co-living properties, Common will provide its residents with household supplies, weekly cleanings and community events as part of its management model.
However, all i5 residents have access to the community’s amenities that include an infinity pool, penthouse lounge, chef’s kitchen, fitness center, co-working lounge, dog walk area and pet spa, covered parking and storage and grilling stations.
SWITCHING TO COMMON
Before Common was tapped to run the co-living units at i5, W5 had been working with QUARTERS at the then-named The Highline at Union Market.
When W5 acquired the majority stake in the community in September 2019, the company also signed a long-term lease agreement the same month with QUARTERS to operate the co-living spaces.
Sidelsky told MHN that Common would make for an excellent co-living manager because of its diversified portfolio, emphasis on the tenant experience and knowledge of the Washington, D.C. market.
Beyond the D.C. market, Common also added 396 units of traditional and co-living units in Philadelphia to its management portfolio last month.