Common Expands Co-GP Vehicle to Invest Alongside Development Partners

NEW YORK, Feb. 11, 2019 /PRNewswire/ -- Common, the nation's leading residential brand enhancing the value of real estate for partners through convenience, technology, and community, today announced the launch of its first dedicated co-general partner (co-GP) vehicle, Common Strategic Capital. Common will partner with Sal and Alberto Smeke, owners of the largest multifamily portfolio in Mexico, on this exclusive vehicle, which will co-invest alongside Common's real estate development partners in coliving and multi-family properties managed by Common.

Common Strategic Capital's investment potential is expansive, and is sized to potentially develop thousands of units across the country representing hundreds of millions of dollars of equity investment. With a co-GP investment from Common, Common's partners can more easily secure development sites, fund due diligence costs, and source limited partner equity from Common's extensive real estate network. Additionally, Common is strategically aligned and incentivized alongside its partners in the success of Common's real estate assets.

For partners, this vehicle continues and expands Common's existing strategy of co-investing alongside its partners in attractive real estate projects. "Common had been co-investing in select properties, but our balance sheet was unable to keep up with the huge demand from partners," said Brad Hargreaves, Founder and CEO at Common. "By working with Sal and Alberto, we've been able to expand and continue this GP program in the form of Common Strategic Capital, and are better prepared to assist partners with capital throughout the development process, starting with securing sites for future Common homes." 

"Common's proven track record of operational outperformance gives us the ability to acquire multifamily institutional assets in major markets with attractive yields, which falls in line with our investment strategy," said Sal Smeke, Principal at Salt Equities. "At the same time, by increasing density and purpose-building community space into its assets, Common will help bring more affordable price points to renters in the most vibrant cities in the country."

Common opened its first home in New York City in 2015, and has since expanded to Chicago, Los Angeles, San Francisco, Oakland, Los Angeles, Seattle and Washington, D.C., with over 680 members currently across 21 buildings. Common maintains higher occupancy than traditional multifamily and receives over 2,000 new applications for membership per week. Recently, Common announced the 223-bed home Common Addams, the largest coliving home in Chicago and the Midwest, and Common Clinton, its first Manhattan coliving home.

Common membership includes beautifully designed and furnished homes, weekly cleanings of common spaces, hospitality-grade amenities with community events, shared supplies, and a tech-forward living approach where members can apply for membership, make repair requests, organize community events, and pay their rent online.

For more information about Common, visit www.common.com.

About Common
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 21 buildings, 6 markets, and over 680 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, Los Angeles, Chicago, San Francisco, Oakland, Seattle, and Washington, D.C. and receive over 2,000 new member applications per week. For more information, visit www.common.com and follow us on Instagram @hi.common.

About Salt Equities
Salt Equities is an opportunistic residential real estate investment firm with deep experience executing complex transactions and unlocking embedded value. Operating in the United States and Mexico with a focus on multifamily assets in urban locations, Salt Equities seeks to generate attractive risk-adjusted returns for investors while committing capital in every transaction, having substantial skin in the game. To date Salt Equities owns and operates the largest multifamily portfolio in Mexico across Mexico City and Monterrey.

Media Contacts
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