New York-headquartered Common, a US multifamily build-to-rent (BTR) and coliving operator, has revealed plans to expand into the UK, with Ireland and Spain to follow.
After six years of growth in the US, Common plans to manage at least 3,000 apartments in the UK by 2023.
Since the beginning of 2020, Common has more than tripled its portfolio in the US, according to the firm, and currently has over 22,000 signed units under development in 28 cities across the globe.
As a first step in the expansion, Common is partnering with local real estate owners London Green and SAV Group to open a combined 664 leasable units across five properties in London boroughs including Wandsworth and Westminster.
Said founder and CEO of Common, Brad Hargreaves: 'Today marks an incredibly important moment for Common as we officially take our brand across the Atlantic after six years of fast growth in North America.
'For our first five UK buildings, we’re honored to work alongside real estate owners with local roots who are getting creative about the ongoing housing crisis in London.
'The build-to-rent sector is quickly expanding, and our movement into London is the next step in fully realising our mission to make city living easier and more reliable for renters in the most sought-after locations in the world.'
Common said it planned to bring a living solution with innovative apartment typologies not commonly found in the UK. In addition to the UK, Common is actively negotiating deals in Dublin, Madrid and more.
In the past year, Common acquired management agreements from its biggest competitor Starcity, announced major expansions in Philadelphia and LA, added former deputy mayor of New York City Alicia Glen to its board of directors and raised $50 mln (€43 mln) in its Series D venture capital funding round from Kinnevik.