NEW YORK, April 3, 2019 /PRNewswire/ -- Common, the nation's leading residential brand enhancing the quality of living for members through convenience and community, today announced its expansion into Philadelphia. Common is looking at over $100 million in new coliving developments across over 1,000 beds with Elk Street and other developers in Philadelphia. The first ground-up building, 72-bed Common Frankford in Fishtown, will open in early 2020 and will mark Common's seventh market expansion in the US, in addition to operating in New York, Los Angeles, the San Francisco Bay Area, Chicago, Seattle, and Washington DC. Common also announced this week that it will expand into three more cities, in addition to Philadelphia, over the next three years: Atlanta, Pittsburgh, and San Diego.
"Philadelphia is one of America's iconic cities, rich with history and culture, and since 2005 has experienced a major influx of young professionals who need access to high quality housing options," said Brad Hargreaves, co-founder and CEO at Common. "As part of our major national expansion, Common is thrilled to partner with the visionary Elk Street Management for our first home in Philadelphia. Common Frankford will be a fantastic addition to the exciting Fishtown neighborhood, perfectly situated and designed to provide the comfort and convenience Common is known for."
Located in the Fishtown neighborhood known for its vibrant arts and culinary scene along the Delaware River, Common Frankford will feature great access to public transportation, retail, art galleries and restaurants, situated across the street from The Fillmore, a sprawling industrial-style music venue. A comedy club, bowling alley, distillery and brewery are all around the corner. The home will offer a mix of coliving suites as well as studio and one-bedroom apartments, and provide fully-furnished shared lounges and large, shared kitchens, in-unit laundry, bike storage, and an outdoor terrace. Rents will start at $995/month for a bedroom in a coliving suite, which is 30-35% less than a market rate one-bedroom in the area. The home will open in early 2020.
"Elk Street Management is excited to work with Common to bring an innovative housing solution that contributes to the ongoing rebirth of Frankford Avenue for all Philadelphians," said Paul Horos, Partner at Elk Street Management. "We're witnessing first hand the revitalization of so many of our neighborhoods, and we're eager to bring high-quality, affordable housing to Fishtown that takes advantage of its great community amenities, thriving arts scene and public transportation."
Common opened its first New York City home in 2015, and has since grown to serve more than 700 members across 25 buildings in six markets, meeting their high consumer demand of 2,500 nationwide applications per week. Common recently announced a 223-bed home Common Addams, the largest coliving home in the Midwest, and 1500+ bed planned expansion in Los Angeles county.
Common's signature approach to end-to-end property management and technology allows the operator to deliver unparalleled experiences for residents looking for a stress-free, community-focused, and all-inclusive living. Rent at Common homes are one bill that include all utilities, high-speed wi-fi, beautifully designed and furnished apartments, weekly cleanings of shared spaces, shared supplies, and hospitality-grade amenities. Everything from applying, paying rent, contacting staff, and planning events with neighbors can be done seamlessly online through their purpose-built technologies.
For more information about Common, visit www.common.com.
Common is the nation's leading residential brand enhancing the value of real estate by offering convenience and community to our members through coliving and traditional apartments. Our signature approach to end-to-end property management and technology offerings allow us to deliver unparalleled experiences across 25 buildings, six markets, and over 730 members. Common is the preferred choice for both residents looking for a stress-free and all-inclusive living environment, and for real estate owners seeking reliable, above-market returns. Launched in October 2015, we now operate homes in New York City, Chicago, Los Angeles, San Francisco, Oakland, Seattle, and Washington, D.C. and receive over 2,500 new member applications per week. For more information, visit www.common.com or visit our real estate page to partner with us. Follow us on Instagram @hi.common.
About Elk Street Management
Elk Street Management is a Philadelphia-based real estate development company with a deeply-rooted commitment to the revitalization of the city and its neighborhoods. Elk's projects include both residential and commercial development with an aim toward maintaining neighborhood housing affordability, rebuilding commercial corridors, and increasing local employment opportunities. Elk develops vacant and underutilized land with a focus on transit-oriented projects that embody bringing the best of urban design to residents of Philadelphia. To learn more and work with us, visit www.elkstreetmgmt.com.