Coliving property manager Common Living has revealed plans to open 1,125 units in Los Angeles this year, with an additional 1,800 under development that will open through 2024.
Through this expansion, Los Angeles will become the coliving operator’s largest market in the U.S. The first locations will feature 5800 Harold by Common in Hollywood, Common Beverly in Hancock Park and Common Paramount in Hollywood.
“Los Angeles is a top-priority market for Common, which is why we’re putting in the effort to ensure people can find high-quality attainable housing in a city that is dominated by hard-to-find multifamily properties managed by unreliable landlords,” said Amalia Paliobeis, senior managing director of real estate at Common. “Being able to give our real estate partners high [net operating income] while simultaneously creating cheaper rent for residents is a win-win for us.”
The company entered the Los Angeles market in 2019 with coliving apartments at Common Melrose. Since then, all of Common’s 2019 and 2020 openings have maintained an occupancy of 94% according to the firm.
Currently, the company has 5,000 units in its portfolio that is a mixture of shared and traditional space and has plans to open over 8,000 more units by mid-year.