New coliving building will bring $50 million of development to the city
ATLANTA, GA. — Common, the nation’s leading residential brand enhancing the quality of living for members through convenience and community, today announces its partnership with Domos, the leading coliving development company in the Southeast. Today the brands revealed that they are working on their first coliving development, a 345-bed project located in Chosewood Park.
The Chosewood Park home is the first initiative to launch under Common’s partnership with Atlanta-based developer Domos, in addition to a potential $275 million 2,200-bed coliving portfolio. The home will open in 2021, marking Common’s eighth market expansion in the US. In partnership with Invest Atlanta, the City of Atlanta’s economic development arm, a portion of the coliving beds will be attainable for working professionals.
“As more young professionals come to live and work in Atlanta, there is a heightened demand for rental housing at an affordable price point,” said Brad Hargreaves, founder and CEO of Common. “We are excited to partner with Domos, a developer with deep local roots, in bringing new coliving options to this city, where we expect to find a growing market that’s looking for the community and amenities of shared living. We are also grateful to the city’s economic development authority for its forward-thinking leadership in support of coliving as an affordable housing solution.”
As the third-fastest growing city in the nation, and top moving destination for the last eight years, Atlanta is seeing a tremendous influx of new residents, with the largest segment between the ages of 20 and 29. The many corporate headquarters in the city, including Delta Air Lines, Coca-Cola, UPS, and Home Depot, just to name a few, have helped make Atlanta a magnet for established and new companies alike. Conversely, however, the city’s housing growth has not kept up. In fact, in the past five years, the number of renters in the $50,000 to $75,000 income bracket who spend over 30% of their total income on rent has more than tripled. This is a major barrier for both the 57% of locals who rent and for the tens of thousands of new residents looking to come to the city for opportunity.
“The Atlanta housing stock is not meeting the needs of the current housing market in both substance and quantity. While most of the development industry is focused on standard housing for a small group of high-income renters, we are building coliving developments that focus on convenience and are attainable for everyday working residents” said Derrick Barker, Principal of Domos. “We are thrilled that the city has recognized coliving as an attainable housing solution and we are proud to partner with the country’s most trusted coliving operator in raising the number of shared living options available to Atlanta residents. Common’s operational approach will deliver a high-quality housing option to meet the demand of those who can’t afford Atlanta’s rapidly rising rents.”
Common and Domos’s 345-bed Chosewood Park project is in close proximity to Grant Park, The Beacon Atlanta, and Eventide Brewing. The home will open in approximately winter 2021, offering a mix of coliving suites, fully-furnished shared lounges and kitchens, a club room, pool, fitness room, and co-working space. Rents will start at $1,040/month for a bedroom in a coliving suite, which will include utilities, furniture, weekly cleanings, shared goods, and community events. It is worth noting that 15% of the coliving beds will have rents capped at a rate affordable at 80% of the Area Median Income (AMI).
The project is being developed as part of Atlanta BeltLine, a sustainable redevelopment project that is transforming the city and will ultimately connect 45 in-town neighborhoods via a 22-mile loop of multi-use trails, modern streetcar, and parks – all based on railroad corridors that formerly encircled Atlanta. Common and Domos received city approval to classify this coliving development in the Beltline Overlay District as affordable housing. Atlanta is the first major city in the US to incentivize coliving development with a broader interpretation of what constitutes affordable housing. Its policy is likely to have a positive impact on the growth of affordable housing and coliving in the city.
Common opened its first coliving home in New York City in 2015, and has since grown to serve more than 850 members across 30 buildings in six U.S. markets, meeting their high consumer demand of over 15,000 nationwide applications per month. Common recently announced a $300 million national expansion into four new cities, including Philadelphia, Atlanta, San Diego and Pittsburgh, with additional expansions already planned into Miami, New Orleans and Newark. Common is also expanding internationally into Ottawa and Toronto in Canada. Common’s signature approach offers members a stress-free, community-focused, and all-inclusive experience. Rent at Common homes includes utilities, high-speed wi-fi, weekly cleanings of shared spaces, shared supplies, and hospitality-grade amenities. Everything from applying, paying rent, contacting staff, and planning events with neighbors can be done seamlessly online through their purpose-built technologies.
Domos Co-Living is a leading, tech-enabled coliving developer in the Southeast with over 30 years of cumulative multifamily experience. With multiple current projects in their Atlanta portfolio alone, Domos is taking their success into new markets such as California, New York, and Tennessee. Domos has an unrivaled track record of offering high-quality, attainable housing that provides people with more affordable options in expensive areas. Domos has significant experience with value-add and opportunistic deals and has given its investors attractive double-digit returns while improving the nation’s urban centers. For more information, visit www.domoscoliving.com or email email@example.com to partner with us. You can follow us on Instagram, LinkedIn, and Facebook.
Common is the nation’s leading residential brand enhancing the value of real estate by offering convenience and community to our members through coliving and traditional apartments. Our signature approach to end-to-end property management and technology offerings allow us to deliver unparalleled experiences across 30 buildings, six markets, and over 850 members. Common is the preferred choice for both residents looking for a stress-free and all-inclusive living environment, and for real estate owners seeking reliable, above-market returns. Launched in October 2015, we now operate homes in New York City, Chicago, Los Angeles, San Francisco, Oakland, Seattle, and Washington, D.C. and receive over 15,000 new member applications per month. For more information, visit www.common.com or visit our real estate page to partner with us. Follow us on Instagram @hi.common.