Common, the nation’s leading residential brand that designs and manages multifamily properties to appeal to today’s renters, publicly launched its new workforce housing brand, Noah Living. Noah, part of the Common family of brands, provides high-quality and reliable apartment rentals at prices that make sense for everyday people in and near cities. Through a new residential portfolio with their first partner outlier Realty Capital, Noah takes Common’s technology and renter-focused operating approach to workforce housing, a segment of the rental market where innovation is greatly needed.
Workforce housing is the much-relied-upon but little-celebrated segment of the rental market for the 13.5 million renters in the U.S. earning 60-120 percent of area median income. Innovation in this multifamily segment has lagged due to national operators’ focus on luxury rentals and a failure to adopt technology. According to CBRE research, the lack of investment in new workforce housing development has contributed to an increase of aging apartments across the country and a shortage of supply. Institutional investors need a trusted and operationally-savvy property manager like Noah that can add value to their properties and better serve renters during increasingly uncertain times.
Noah partners with real estate developers, landowners, and investors to refresh existing buildings, bringing them to high-quality and modern safety standards. By reinvigorating workforce housing properties, Noah makes sure that residents have a stress-free rental experience, that buildings are expertly maintained, and that renters get access to benefits and perks, all while keeping price points attainable. These perks include access to student loan advisory services, prescription discounts, passive savings and investing plans, financial planning tools, free security deposit options, and more.
“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 coliving 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,” said Common founder and CEO Brad Hargreaves. “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.”
Noah operates five buildings across Hampton Roads and Winchester Virginia: Noah at Beamon’s Mill, Noah at Pembroke Pines, Noah at Barrington Woods, Noah at Pine Plaza, and Noah at Wright Apartments. Rents start at $750. Outlier Realty Capital, a multi-strategy firm that invests in spaces that meet the changing needs of people and communities, serves as Noah’s first workforce housing partner.
“Through our long-standing relationship with Common’s coliving 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, ” said outlier Realty Capital Founder and Managing Partner Peter Stuart. “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.”
Noah currently manages just shy of 500 units and by the end of 2020 is expected to expand to 1,200 units in this key market-rate housing segment throughout the country. Through 2022, Noah will further expand nationally with an emphasis on the Mid-Atlantic and Sunbelt, adding approximately 8,000 apartments to its workforce housing portfolio.
For more information about Noah, visit www.noahapartments.com or email partners@noahapartments.com.
