Common Launches Workforce Housing Brand
- May 06, 2020
Common has expanded its business model by entering the workforce housing market. The company that began as a co-living provider has launched Noah Living, a brand that will focus on workforce housing.
The new brand aims to offer workforce housing with a modern approach. According to Noah, the workforce housing market includes 13.5 million renters who are making 60 to 120 percent of an area’s median income. With most of the industry focused on luxury housing, workforce housing has stagnated and has not seen any modern improvements in many years, according to Noah.
Noah has already found its first partner through Outlier Realty Capital and is operating five buildings in Hampton Roads and Winchester, Va. The properties include Noah at Beamon’s Mill, Noah at Pembroke Pines, Noah at Barrington Woods, Noah at Pine Plaza and Noah at Wright Apartments and total nearly 500 units. With rents starting at $750, the properties offer perks and benefits like student loan advisory services, prescription discounts, savings and investments plans, financial planning tools, free security deposit and more.
A Common spokesperson told Multi-Housing News that Outlier is the owner of those properties while Noah will be the property manager in charge of marketing, leasing, property management, tenant retention, financial reporting and providing perks and benefits.
Peter Stuart, Outlier’s founder & managing partner, said Outlier has worked with Common’s co-living side previously and immediately wanted to partner with Noah to redesign how its traditional multifamily portfolio operates.
EXPANDING THE COMMON BRAND
Noah is expecting to more than double its existing portfolio to 1,200 units by the end of 2020. The company also has plans to add approximately 8,000 more apartments to its portfolio with a focus on the Mid-Atlantic and Sunbelt regions of the U.S. by 2022.
Outside workforce housing, Common also recently launched a family housing brand called Kin in partnership with Tishman Speyer. The new brand that features custom-designed properties that offer family programming and events and on-demand childcare was announced in March 2019 and debuted shortly after with a property in Long Island City, N.Y. Nearly a year later, Kin added its first Brooklyn location in Williamsburg in April.