The innovative property management brand will enter the Tampa Bay market with the 481-unit flagship property in St. Petersburg
St. Petersburg, FL — Today Common announced it has been selected to manage The Wayland, a newly renovated multifamily property in the heart of Downtown St. Petersburg, owned by Atlas Real Estate Partners (“Atlas”) and Skylight Real Estate Partners (“Skylight”). Common, the fastest growing real estate brand that designs, manages and leases apartments across the US will now manage all 481 units of the property. The newly upgraded building consists primarily of studios and one-bedrooms and features Class A-quality amenities. Common’s unique renter-first property management style and Atlas Real Estate Partners’ industry expertise will bring a new way of living to St. Petersburg, defined by increased value and a focus on community.
Acquired in 2017, Atlas and Skylight saw an opportunity to redefine living in St. Petersburg, Florida with a building that allowed residents to get the most sought after amenities at attainable price-points. With an increased need for quality rental housing in the bustling Downtown neighborhood, The Wayland acts as the ultimate living destination for young professionals and service workers alike. The building features an expansive co-working space available to residents in addition to a resident lounge and game room. The space also offers room for residents to host friends with a resident kitchen, resort-style pool, sundeck, turf lawn, fire pits and a barbecue area.
“We’re thrilled to partner with a forward-thinking management company like Common who understands the demands of today’s renter,” Director of Investments at Atlas Real Estate Partners, Joe Stampone said. “Common’s focus on the resident experience aligns perfectly with our long-term ownership approach and goal of creating a product and experience tailored to our residents.”
Having entered the real estate world in 2015 with coliving properties, traditional apartments now make up over 50% of Common’s current 7,000 managed unit portfolio. The Wayland is Common’s first building in the Tampa Bay area and a flagship for its traditional multifamily management. A new kind of property manager, Common focuses on designing, leasing and managing the type of apartment buildings people really want to live in. Through an in-house technology stack and ultra-convenient services, Common is able to provide its members with a seamless moving and living experience in a world where renting is increasingly stressful.
“As we continue to expand our property management brand across Florida, I am thrilled that Common has been selected to operate The Wayland,” said Amalia Paliobeis, Common’s Senior Managing Director of Real Estate. “ The teams at Atlas Real Estate and Skylight Real Estate Partners have built a portfolio of communities perfectly suited for the Tampa Bay resident. Adding our marketing and management expertise will surely make The Wayland a positive and connected place to live in St Petersburg.”
Rents at Wayland are starting at $1,250 per month and include newly renovated apartments, community events, discounts to local and national brands, and access to all of the building’s thoughtful amenities. Common has over 22,000 signed units under development in 22 cities across the globe, and continues to disrupt the property management space. This past year, Common acquired management agreements from its biggest competitor Starcity, announced major expansions in Philadelphia and LA, 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 a residential brand creating a better kind of multifamily property manager through innovations in technology, design, and operations. Common delivers exceptional experiences for renters across twelve cities and nearly 7,000 units in coliving, microunit, and traditional apartments. They 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 operator Mily. With over 22,000 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.
Atlas Real Estate Partners is a privately-held real estate investment firm with offices in New York, NY and Miami, FL.
Since its formation in 2009, Atlas has closed over 50 acquisitions and development projects with a total capitalization of $1.5B spread over ~10,000 residential units and ~1.4 MM square feet of commercial space in numerous markets throughout the Southeast and Mid-Atlantic. Atlas is focused on growing its multifamily and housing portfolio through value-add acquisitions and its Opportunity Zone Platform which includes over $200M in ground-up multifamily development. Learn more at https://www.atlasrep.com/.
Skylight Real Estate Partners is a privately held real estate investment firm with deep experience acquiring, developing and managing residential and commercial assets in the prime US markets of New York, New Jersey, Washington D.C., Central and South Florida.
The team’s management platform is focused on three complementary investment strategies: distressed, value-add and development opportunities. Since 1998, the founding partners have collectively invested $5.5 billion of equity in assets totaling over $15 billion of gross asset value. This experience comprises over 9,000 residential units and 20 million square feet of office and retail assets.
Skylight offers its investors, tenants and partners extensive market knowledge, long-standing relationships and institutional thinking fueled by a motivated and deeply experienced leadership team with a proven record of consistent success. Learn more at www.Skylightrep.com.