Common Assumes Control of Starcity Management Portfolio
Midtown Manhattan-based Common has agreed to take over the management of the bulk of San Francisco-based Starcity’s portfolio of open properties and to work with the various owners and developers in connection with its development pipeline.
Deal terms weren’t disclosed. In total, this represents 7,481 new units in cities around the globe, mainly in the co-living sector.
“Since founding Common in 2015, the co-living landscape certainly looks different but the need to create a better kind of housing for the modern renter has not,” said Common CEO Brad Hargreaves. “While the sector consolidates, we’re committed to acquiring the management agreements of these formerly Starcity properties, keeping the resident experience positive and growing our brand by becoming the most innovative operator in residential.”
Starcity launched out of Y Combinator in the summer of 2016. The brand operated in San Francisco, Los Angeles, New York City, Barcelona, Silicon Valley and Oakland.
Pictured: A Starcity unit in San Francisco.