Coliving firm Common is taking over Starcity’s assets and slowing down the brand as the industry continues to see consolidation.
Common will acquire the Bay Area-based company’s management contracts, but not its land or development assets. This will expand Common’s footprint by 1,000 units, bringing the firm’s total portfolio to 7,000 units under management and 27,000 in development.
“We’re not developers,” said Brad Hargreaves, CEO of Common. “We’re focused on tech, design and management.”
Recently, Common took over the management of the 419-unit coliving property Alta located in Queens. Starcity also acquired coliving firm Ollie last year, which will now belong to Common as part of their deal.
While the company will focus on housing, Hargreaves indicated that the increase of remote working in the future will alter the design and operations of Common facilities moving forward.