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A developer is looking to set the market price for co-living properties in DC.
Outlier Realty Capital is listing two properties in Northwest DC managed by co-living company Common. Common Richardson delivered in Shaw in 2017 and was a contentious project at the time as DC’s first purpose-built co-living development. Common Monroe delivered in Columbia Heights last year as an adaptive reuse of a former church.
Both of the developments are in the midst of a ten-year master lease with co-living operator Common. Each building has several furnished multi-bedroom suites with shared kitchens and living and dining areas, and Common secures leases for the bedrooms from prospective tenants and manages the units. All utilities are included.
Marcus & Millichap is listing the properties, and agent Dennis Cravedi describes the decision to sell as “opportunistic” based on current market conditions. Because these are the first purpose-built co-living properties that would sell in DC, their sales would establish the market price for these type of assets.
“For real estate investors, these two assets are exciting opportunities to acquire not only newly-built, well-located multifamily product in the heart of DC, but also assets that achieve strong fixed monthly cash flows with minimal landlord responsibilities through the master leases, guaranteed by Common,” Cravedi said in a statement.
Developer Outlier Realty also has other co-living projects with Common in the pipeline and in their portfolio.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more about the company, please visit www.MarcusMillichap.com.