Common achieved a year of unprecedented portfolio growth, demonstrating the strength of our brand, our business model, and our vision for the future of city living. We invite you to explore select highlights from our year below.
The City of New York selected Common and L+M Development as the winners of ShareNYC: the NYC Department of Housing Preservation and Development’s competition to bring more affordable housing to the city through coliving. The winning project, Common Roosevelt, speaks to the core of Common’s mission and the ethos of coliving. We’re looking forward to working with the NYC HPD, in addition to cities across the country, to provide an innovative, affordable solution to the housing crisis.
Common announced its first international expansion in partnership with Dream Unlimited Corp. (TSX:DRM). Dream is one of Canada’s leading real estate companies with $15 billion of assets under management in North America and Europe and a 20+ year history as a successful developer. The 24-story, 252-bed building, named Common Zibi, will be located along the Ottawa River as part of Dream’s Zibi redevelopment project in Ottawa and Gatineau.
Common hosted nearly 600 leaders from the worlds of real estate, investments, lending, and design. Rob Speyer (President + CEO of Tishman Speyer) and Scott Miller (former President of Hyatt Hotels) headlined as our keynote speakers. We discussed the affordability crisis, the importance of density-driven design, the keys to financing non-traditional developments, and the future of coliving. After the success of this event in both New York and Los Angeles, Common is planning a 2020 summit in Miami.
Renters have been excited about coliving for years, and in 2019 institutional real estate began to catch up. We are ending the year with over 14,000 beds signed and under development, more than a 3X increase year-over-year.
Equity investors, debt providers, and local governments are increasingly viewing coliving as a differentiated rental product providing high-quality, attainable housing in major urban centers.
Common and real estate titan, Tishman Speyer, have launched Kin, the country's first residential brand designed expressly for young families living in and near cities.
The City of New York sees Common’s coliving model as a vehicle to develop affordable housing at the pace and scale required to hit its affordability goals.
Common’s rapid expansion underscores the continued growth of a new category of residential real estate -- smaller, furnished, private rooms, shared common space, and flexible lease terms.
Prior to Common, Kent held several senior architectural positions, including Director of Operations at Perkins & Will and STV Inc.
Prior to Common, Lyndsey held senior property management and FP&A roles at Related, Greystar, and Campus Apartments.
Prior to Common, CJ was a Community Manager at Greystar. She also ran various teams at Windsor Leasing Management.