Multifamily manager Common has announced its intent to triple its multifamily pipeline in Los Angeles, with 1,125 new units set to come online by the end of the year, starting with 5800 Harold by Common in Hollywood, Common Beverly in Hancock Park, and Common Paramount in Hollywood. The company intends to make Los Angeles its biggest U.S. market moving forward, with 1,800 additional units in development through 2024.
Common entered the Los Angeles market in 2019 with a co-living community at Common Melrose, made in partnership with Category Co. The company has since grown its traditional multifamily management portfolio tremendously, including the 260-unit Stella by Common building, which opened in 2020. The firm began leasing and managing its second LA co-living community, Common Elmwood, in March 2020, during the first wave of COVID-19. The building completed lease-up of its 141 beds in under six months, and the building’s occupancy stands at 94% as of March. All Common communities opened in LA from 2019 to 2020 have maintained an occupancy rate of 94% or above.
"Los Angeles is a top priority market for Common, which is why we’re putting in the effort to ensure people can find high-quality attainable housing,” says Amalia Paliobeis, senior managing director of real estate at Common. “… Being able to give our real estate partners high NOI while simultaneously creating cheaper rent for residents is a win-win for us. We’re so lucky to have partners that share our vision for innovation and are committed to providing better housing options throughout Los Angeles.”
Common Beverly is the next community in Common’s partnership with Category Co., and Common Paramount will be the next in Common’s partnership with Wiseman Residential. Both communities opened in April with a mix of traditional and multifamily units. At 5800 Harold in Hollywood, Common is partnering with owner Tanner & White Properties to manage 56 units, including eight three-bedroom floor plans where Common intends to manage additional co-living space.
Common has more than 20,000 signed units under development in 22 cities across the world, and expects to have over 8,000 units under management by the end of 2021. About half of its 5,000-unit portfolio is co-living, and half is traditional multifamily apartments.
