The Institutional Asset Will Become Common’s Flagship Chicago Building and an Addition to its Robust Traditional Management Portfolio
Chicago, IL March 23, 2021 — Common, the nation’s leading residential brand that designs, leases, and manages multifamily properties that appeal to today’s renters, has been named by Pacific Reach as the building-wide operator of LINEA. LINEA by Common, the company’s new Chicago flagship, signifies Common’s continued growth in traditional property management takeovers of institutional assets across the US. The strategic and long-term partnership between Common and innovative investors Pacific Reach will aim to provide a better renting experience for hundreds of Chicago residents. Located in Downtown Loop neighborhood of Chicago, LINEA by Common is a Class A luxury property, home to over 350 renters across 265 units, and includes desirable amenities like an indoor/outdoor pool, lounge coworking spaces, and a fully equipped gym.
Common entered Chicago in 2017 operating coliving apartments in Pilsen, Lakeview East, and the Ukranian Village, and has since grown into a full-scale multifamily real estate management platform with over 4,500 units in 11 cities. Growing increasingly into traditional operations, Common has been continually selected as the property manager of Class A institutional assets because of its tech-forward and renter-first approach. Last summer, Common took over the 331-unit The Edge in Fort Lauderdale and 244 unit Stella in Los Angeles. Their thoughtful operations and scalable management agreement business model has made Common’s brand synonymous with reliable, high quality attainable housing. As of today, Common is bringing that quality of service to LINEA.
“We’re so honored that Pacific Reach has decided to bring Common on as the new traditional operator of this exceptional building,” said Amalia Paliobeis, Senior Managing Director of Real Estate at Common. “Our expertise in making urban renting easier perfectly aligns with the renter-first ethos of Pacfic Reach’s global vision. The needs of Chicago renters are changing. They’re valuing community and reliability above all, and the operational excellence we’re bringing to LINEA by Common will reflect just that.”
Common has over 18,500 signed units under development in 22 cities across the globe, and continues to disrupt the property management space. The residential brand expects to have over 8,000 units under management by the middle of 2021, and has over 2,300 units in its Chicago pipeline that will come to market over the next few years. Of Common’s current 4,500 unit portfolio, about half is coliving and half are traditional multifamily apartments. This past year, Common announced a nearly 400 unit Philadelphia expansion, added former Deputy Mayor of New York City Alicia Glen to its Board of Directors and raised $50 million in its Series D venture capital funding round from Kinnevik.
Common is the leading residential brand and operating platform that designs, leases, and manages multifamily properties that appeal to today’s renters. Through smart design and tech-enabled property management, Common delivers exceptional experiences across ten cities and over 5,000 members in coliving, microunit, and traditional apartments. We are the preferred choice for both residents looking for a stress-free and all-inclusive living environment from a trusted brand, and for real estate owners seeking reliable, above-market returns. The Common platform also includes workforce housing management brand Noah and family-first urban designer and operator Kin. With over 18,500 units signed and under development and over $110 million in venture capital investment, Common is expanding into 22 cities across the world. To work with us, visit our partners page or follow us on instagram at @common.living.
About Pacific Reach
Pacific Reach is an investment company based out of Vancouver, Canada with investments and holdings across various sectors and markets; including real estate, hospitality and entertainment, healthcare, technology, and private equity. Pacific Reach’s diversified real estate portfolio consists of apartments, hotels, and commercial assets in major North American Markets: Chicago, Los Angeles, Phoenix, Vancouver, Calgary, and Toronto. For more information, visit www.pacificreach.com.