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Coliving company Common has announced that it is launching a new affordable housing business coined Noah, for “naturally occurring affordable housing.” The portfolio will consist of Class B and C multifamily buildings for renters that earn 40% to 80% of the area’s median income.
Common started this effort earlier this year and is managing 500 units across five properties in Hampton Roads and Winchester, Virginia.
Noah tenants will have their own units with no rooms or furnishings, unlike Common’s tenants, but it will use its in-house leasing and maintenance team, as well as an online payment portal and app.
According to Brad Hargreaves, CEO of Common, the idea of delving into the workforce housing segment was proposed by Peter Stuart of Outlier Capital, one of the company’s partners. Workforce housing refers to the multifamily market that is characterized by middle-class tenants who earn too much to qualify for affordable housing programs, but are unable to be homeowners.
“Yes it’s a different brand [but] they’re all within the Common umbrella,” said Hargreaves. “We can’t change our standards of how we operate, even if they’re older buildings and they don’t have the same quality.”
