Harriman To Develop Four Common Co-Living Buildings Managed By Common In New York, LA
Co-living management firm Common is expanding to Los Angeles, with a new equity company providing capital and developing the buildings.
Harriman Capital, formed in 2016, is investing $15M into developing four co-living properties managed by Common — three in New York and one in Los Angeles. The projects are expected to total $60M, with Harriman using debt financing to cover the remaining $45M.
Harriman already owns all four properties, a mix of lots that will see ground-up development and existing buildings redeveloped to suit co-living. Between them, the buildings will total 145 co-living bedrooms, which Harriman anticipates renting at rates comparable to studio apartments in each building's surrounding area. The first of the buildings is projected to open in 2018.
Though Common does not own any stake in the buildings, it has previously worked with developers to design buildings to fit the co-living style. It manages 482 bedrooms across New York, Chicago, Washington, D.C., San Francisco and Oakland, offering services like cleaning, community events and included utilities such as enterprise-level WiFi. The company has raised $23M over two rounds of investment since 2015.
