Common is entering the workforce housing space with the public launch of its newest residential portfolio, Noah Living. As of launch, the brand currently manages just under 500 units across five communities in Hampton Roads and Winchester, Va: Noah at Beamon's Mill, Noah at Pembroke Pines, Noah at Barrington Woods, Noah at Pine Plaza, and Noah at Wright Apartments.
According to CBRE research, a lack of investment in new workforce housing has contributed both to a shortage of housing supply for renters earning between 60% and 120% of the area median income as well as a rise in aging apartments. The Noah brand, created in partnership with outlier Realty Capital, intends to partner with real estate developers, land owners, and investors to reinvigorate existing workforce housing properties, implementing a high-quality living experience and modern standards of safety.
"Since 2015, Common has made renting more convenient and a better value with our thoughtful design, technology, and data-driven operations. Today, I'm excited to look beyond co-living and bring our renter-first management approach to even more people with Noah. People everywhere, both in and outside of cities, deserve a well-maintained apartment and enriching community to call home," says Brad Hargreaves, Common’s founder and CEO. "I see Noah as the next logical step in our mission to add value to the renting experience, and we're fortunate to have a launch partner in outlier Realty Capital that truly shares Noah's vision."
Under Noah management, Common intends to provide high-quality, well-maintained buildings at an attainable price, with rents starting at $750. Perks and benefits to renters include student loan advisory services, prescription discounts, passive savings and investing plans, free security deposit options, and financial planning tools.
"Through our long-standing relationship with Common's co-living multifamily product, we saw an instant opportunity to partner with Noah and redesign how our traditional multifamily portfolio properties operate. We are thrilled to collaborate with Common as it kicks off its workforce brand focused on delivering a better experience to residents," says Peter Stuart, outlier Realty Capital’s founder and managing partner. "By focusing on acquiring and preserving naturally occurring affordable housing with Noah as our partner, we expect to bring a differentiated living experience to residents and produce attractive returns for our investors."
The Noah brand is set to add 10 additional properties to its portfolio by the end of 2020, for a total of 1,200 units under management. By the end of 2022, Noah is expected to manage an additional 8,000-plus units nationwide, with a focus on the Mid-Atlantic and Sunbelt markets.
