Common, the residential brand that designs, leases and manages multifamily properties for contemporary renters, announced that it will triple its pipeline in Los Angeles, California, opening 1,125 units throughout the city, starting with 5800 Harold by Common in Hollywood, Common Beverly in Hancock Park and Common Paramount in Hollywood. In addition to its 2021 pipeline, Common has 1,800 units under development in the Los Angeles area set to open through 2024.
“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 in a city that is dominated by hard to find multifamily properties managed by unreliable landlords,” said Amalia Paliobeis, senior managing director of real estate at Common. “Being able to give our real estate partners high net operating income 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.”
The 1,100-plus-unit pipeline opening in 2021 includes Common Beverly and Common Paramount. Common Beverly, the next property to open in a multistate portfolio partnership being developed by Category Company and managed by Common, will feature a mix of co-living and traditional units. Common Paramount, the second building Common is managing in partnership with Wiseman Residential, will feature a hybrid of co-living and traditional units with amenities including a rooftop deck.
Common entered Los Angeles in 2019 with its co-living offering at Common Melrose in partnership with Category Company and added traditional multifamily management in the past year with the 260 unit Stella by Common building opening in 2020. Last March, during the first wave of COVID-19, Common began leasing and managing co-living units at Common Elmwood and completed lease-up of the 141-bed building in just under six months despite having to shift to 100% virtual tours. As of March 2021, the occupancy of the building is at 94%. Common continues to see an influx of renters to the Los Angeles area despite COVID-19 with over 3,000 new leads in the area a month. In addition to Elmwood, all of Common’s 2019 and 2020 Los Angeles openings have an occupancy rate of above 94%.
The additional 1,800 units under development will open in the next few years across Los Angeles and will consist of a mix of traditional and co-living units. The brand expects to have over 8,000 units under management by the middle of 2021.