Nuveen Real Estate has chosen Common, a tech-focused co-living real estate startup, to operate two of its largest, luxury-focused properties.
According to GlobeSt, Common will operate a portfolio of 575 units — 331 units at The Edge in Fort Lauderdale, Florida and will manage 244 units at the Stella building in Los Angeles, California.
Why Did Nuveen Choose Common?
Common is a Brooklyn-based startup that uses technology at the core of its leasing, management, and occupant-relation experience. The company specializes in mixed multifamily developments including co-living, micro-studio, and traditional units.
Nuveen’s choice of management company is important to note — instead of choosing a traditional property manager, the company is putting money behind a nimble, tech-focused startup. This showcases the importance of technology and data analysis for real estate operators.
Common’s tech-focused nature brings data analytics and advanced customer-relations technology to the deal with Nuveen. According to Real Estate Weekly, at The Edge, Common will provide residents with its app that handles resident communications, community building, maintenance requests, and connections with local businesses.
The company’s focus on affordability and convenience allows for it to achieve high occupancy rates and low rent delinquency rates, making it an attractive choice for Nuveen.
Their platform also provides virtual tours, digital rent payments, check-ins with leasing managers, and alternative security deposit options that allow residents to have more financial flexibility. The company’s nimble nature allows for it to help keep rental costs low in big cities across the country.
“We are excited to bring Common as a new operator on these two assets. We are looking forward to executing a tech-driven, affordable-leading strategy for leasing, management and experiences in our apartment portfolio,” said Carlos Burneo, housing lead for Nuveen’s co-living and flex rental strategies.
Common now manages 48 properties across 8 U.S. cities, and they currently have a development list of 15,000 beds.
photo credit: Common