June 30, 2020
New York-based Common is expanding its portfolio with a 575-unit expansion in partnership with Nuveen Real Estate. Common will take over as operator for two of Nuveen’s largest Class A U.S. multifamily assets: the 244-unit Stella building in Marina del Rey and The Edge, a 331-unit property in Fort Lauderdale, FL’s Flagler Village.
Nuveen’s Austin Mitchell says, “With Common, we see innovation that is backed by data and a focus on housing as a consumer product. We think that is a great foundation to create an experience that better meets consumer needs, and ultimately the needs of our investors.”
Common manages a diverse portfolio of 48 multifamily buildings in eight American cities across, and is the largest community-driven operator in the U.S. It has a development pipeline of 15,000 signed beds. The company is known for its ability to achieve high occupancy rates and low delinquency rates by putting technology first in the leasing and management experience.
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