Common Launches Workforce Housing Brand 'Noah'
Noah brings Common's multifamily operational expertise to workforce housing industry with 8,000+ units under management by 2022
NEW YORK, May 4, 2020 /PRNewswire/ -- Common, the nation's leading residential brand that designs and manages multifamily properties to appeal to today's renters, publicly launched today 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 [email protected].
About Noah
Noah Living is a residential brand from Common providing high-quality and reliable apartment rentals at prices that make sense. With renter-focused property management and thoughtful amenities, Noah makes life easier for everyday people. Noah residents have access to a host of benefits including security-deposit free rent, financial planning programs, and wellness perks. Noah partners with real estate firms to implement their value-add business plans and build new housing. The Noah portfolio includes five well-located buildings in Virginia and will open an additional 10 buildings across the country in 2020. To learn more, visit NoahApartments.com or follow us at @noahapartments.
About outlier Realty Capital
outlier Realty Capital is a multi-strategy investment and development firm that invests in spaces that meet the changing needs of people and communities. Our development strategy is designed to unlock value by investing in real estate that can be improved, repositioned, or repurposed to achieve attractive returns while enhancing the community. Outlier's development portfolio totals over 200,000 SF including four Common-operated coliving projects. Our value-add strategy focuses on acquiring and operating naturally occurring affordable housing communities to create value through strategic improvements and active management while preserving affordable rents. Over the past five years, outlier has grown its portfolio to over 1,000 units, which represents an investment of over $150 million in the mid-Atlantic. The outlier team is based in Bethesda, MD.
SOURCE Common
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