Two Common coliving properties will be put up for sale in the D.C. market.
Earlier this week, real estate brokerage Marcus & Millichap announced that Common Monroe and Common Richardson, which are both owned by Outlier Realty Capital, would be placed for sale.
Common Monroe opened in Columbia Heights just last year in a 17,000 square foot redeveloped church building that features 46 coliving rooms with eight coliving style apartments. Currently, the asking price for the space is $10.5 million.
Common Richardson opened in 2017 and is Common’s first location in the D.C. area. The 11,000 square foot property on Richardson Place is being listed for $5 million.
Marcus & Millichap added that the coliving concept is still relatively new to the real estate industry, and these properties will serve as the first purpose-built coliving assets to be traded on the D.C. market.
“For real estate investors, these two assets are exciting opportunities to acquire not only newly-built, well-located multifamily product in the heart of D.C., but also assets that achieve strong fixed monthly cash flows with minimal landlord responsibilities through the master leases, guaranteed by Common,” said Dennis Cravedi, Senior Associate at Marcus & Millichap.