Habyt and Common have announced a merger to create a leading global co-living company. As the two largest co-living companies in Europe and Asia and in North America, the companies will combine their locations in over 40 cities and 14 countries to operate over 30,000 units ranging from co-living to studios to traditional rental apartments.
"This larger combined footprint makes sense for both residents and real estate partners alike and creates the first truly global co-living operator. And there's no one doing this better outside the U.S., with like-minded values and digital capabilities, than Habyt," says Brad Hargreaves, founder and chairman at Common. "By merging, we are creating an international co-living network that more and more renters are seeking out right now."
In 2022, both Common and Habyt saw their businesses grow threefold and anticipate their businesses doubling in 2023 all while aiming to turn profitable as a combined entity during the coming year.
"The merger makes perfect sense for both companies—Habyt had no North American presence, and Common had none in Europe," says Luca Bovone, founder and CEO of Habyt. "Our new combined resources present a fully digital, easy solution to access rental properties across the world, something that has been historically derailed by endless paperwork or bureaucracy."
Continuing to be led by Bovone, the Habyt Group is backed by leading investors across the world, including P101, Vorwerk Ventures, DI Capital Solutions, Sequoia, and Mitsubishi. Habyt was founded in 2017 in Berlin.
Through innovations in technology, design, and operations, Common is a residential brand aiming to create a better kind of multifamily property manager. With over $110 million in venture capital investment, Common offers positive experiences for renters in more than 10 major cities in the U.S.
"At Common, our mission is to create positive and resourceful changes in the housing industry, when housing is such a challenge for so many," says Karlene Holloman, CEO of Common and future CEO North America of the Habyt Group. "With this merger, we now have a global platform to redefine the living experience all over the world."
In connection with this transaction, the CenterCap Group acted as exclusive financial advisor to Common Living.