Co-living and apartment company Common has raised $50 million in series D funding to expand its residential management division. Kinnevik, one of Common's long-term partners, led this funding round, and it included participation from existing investors including Norwest Venture Partners, 8VC and Maveron.
Technology integration is essential to the firm's growth plans. Common has launched Noah, a technology and automation company that focuses on improving returns and the resident experience in workforce housing. The series D funding will allow the company to continue to build out its technology and to expand into more traditional apartment properties with Kinnevik facilitating a push into Europe next year.
This most recent series D funding round is part of Common's strategy to develop a presence outside of the co-living space.
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While the Common began as a co-living operator, this year, the firm transitioned into a residential operations, adding class-A, large-scale traditional multifamily buildings in Fort Lauderdale and Los Angeles to its portfolio.
Common currently has more than 17,600 residential units under development in 26 global cities, but this year, the firm plans to add 6,000 units under management and it will open a second headquarters office in Atlanta, which will be larger than its New York headquarters. Currently, the firm's portfolio is one-third traditional apartments and two-thirds co-living space.
This recent growth spurt follows significant growth in 2019. The company invested $300 million to expand its co-living brand in Philadelphia, Atlanta, San Diego and Pittsburg. This included opening a 72-bed property in Philadelphia with developer Elk Street Management. Last year, Common had $100 million in properties under development totaling 1,000 beds in Philadelphia alone.
In other markets, Common has expanded just as rapidly. In Chicago, Common opened its largest co-living property ever, a four story, 223-bed property. The property was built in partnership with City Pads and provides housing to Illinois Medical District workforce. In San Diego, Common had a pipeline of 300 beds totaling $60 million in development, and in Atlanta, the company partnered with Domos to develop $75 million in co-living developments totaling 600 beds.
In total, Common has $110 million in venture capital to accelerate the growth plans.
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Kelsi Maree Borland
