Common CEO Brad Hargreaves and Outlier Capital’s Peter Stuart (Credit: Common; Outlier Properties; Noah)Common, a company known for high-end communal living, is getting into the affordable housing business.The co-living firm revealed Monday that it has launched a brand geared towards workforce housing. The initial portfolio will be Class B and C multifamily buildings where renters earn 40 percent to 80 percent of the area median income, said Brad Hargreaves, Common’s CEO and co-founder.The new product is called Noah — for “naturally occurring affordable housing” (the acronym dates back to 2007). Common’s effort quietly began in January, managing 500 units over five properties in Hampton Roads and Winchester, Virginia. Rents range from $750 to about $2,000, according to its website.Read moreL+M raising $500M private equity fund for “workforce housing” developmentNYC is banking on Common to deliver affordable bedsSqueezing profits from shared housing Unlike Common’s tenants, Noah’s have their own units, not rooms, and no furnishings are included. However, the management systems Common uses in its co-living buildings are being used by Noah, including its in-house leasing and maintenance teams, online payment portal and app for renters.Hargreaves said the idea of getting into workforce housing was proposed by Peter Stuart of Outlier Capital, one of Common’s partners in a co-living project. The investor wanted to use Common as a property manager for his workforce housing buildings.Workforce housing is a segment of the multifamily market characterized by middle-income tenants with slow wage growth whose incomes may be too high to qualify for affordable housing programs but who are unlikely to become homeowners.According to CBRE, workforce housing outperformed the overall multifamily market between 2014 and 2018 and attracted nearly $375 billion from investors. For context, that was a little more than half of the capital that went into multifamily assets during that period.Noah marks the first time Common is branching into asset management outside of its co-living model, though the company has ventured outside its niche of luxury living.Last year, the company launched a co-living product with Tishman Speyer called Kin. It was also selected by the de Blasio administration to develop a 235-bed affordable co-living project in East Harlem with L+M Development Partners.Hargreaves said he decided to pull the trigger on Noah last summer after touring the Virginia properties. He called it a “no brainer.”“Yes it’s a different brand [but] they’re all within the Common umbrella,” he continued. “We can’t change our standards of how we operate, even if they’re older buildings and they don’t have the same quality.”On the investor side, Hargreaves said Common’s umbrella systems for property management can lead to owners’ saving on operating costs and provide them with better financial reporting, easing their access to financing.For renters, Noah will offer perks and discounts much like Common does for its co-living tenants, albeit of a slightly different ilk. Noah’s discounts are for services such as student loan advisory, savings and investment plans, and coding and digital skills classes.“It’s not difficult to run these buildings well,” he said. “They can be run well and they can be operated to a higher standard.”Hargreaves said the five Virginia buildings’ vacancy and delinquency rates exceed national averages. He attributes that to Common’s flexibility in drawing up payment plans for tenants and faster leasing processes, although Noah has only managed the properties for two months.Eric Edelman, who leads Noah, said Common’s umbrella model of financial screening and using insurance instead of collecting security deposits means many tenants have some additional cash on hand.Noah expects to have 1,200 more units under management in the metro areas of Los Angeles, Boston, Tampa, Fort Worth and Nashville by year end.Hargreaves noted that Noah will be selective in choosing partners.“We don’t want to be in the business of vacating buildings to replace the tenants,” he said.Write to Erin Hudson at [email protected] This content is for subscribers only.Subscribe Now
WATCH US LIVE Ryan Palmer, who started one shot out of the lead, closed with a 77.Leishman knew he needed a good start, and some help. He got both. He birdied three of the opening four holes, while the final group of Rahm, McIlroy and Palmer were collectively 9 over through four holes.Once Leishman had the lead, no one caught him. For all his eight birdies, though, the 20-foot par putt on the 12th, the par putt from 12 feet on No. 14 and from 8 feet on No. 15 were key.“Any one of them don’t go in and we’re probably still on the golf course,” he said.Instead, he was celebrating his fifth career PGA Tour victory. Leishman was the second Australian to win on Australia Day, following Lucas Herbert at the Dubai Desert Classic on the European Tour earlier Sunday. First Published: 27th January, 2020 11:04 IST FOLLOW US SUBSCRIBE TO US LIVE TV Last Updated: 27th January, 2020 11:04 IST Marc Leishman Comments After Winning The Farmers Insurance Open Australia’s Marc Leishman comments after winning the Farmers Insurance Open Sunday in San Diego, California, his fifth PGA Tour victory. Australia’s Marc Leishman comments after winning the Farmers Insurance Open Sunday in San Diego, California, his fifth PGA Tour victory.Marc Leishman realized he had at two-shot lead as he stood over a 6-foot birdie putt on the final hole at Torrey Pines. He also knew Jon Rahm was the only one who could catch him.That made his final birdie all the more important.It turned out to be the winner Sunday in the Farmers Insurance Open, much to Rahm’s surprise.Leishman shot 31 on the front nine to seize control, came up with three big par saves on the back nine and closed with a birdie for a 7-under 65 and a one-shot victory.“If I wasn’t to win, I didn’t want it to be because of me,” Leishman said. “I wanted it to be because someone made a run, which Jon did. I’m just lucky that he didn’t do it a hole earlier.”Rahm played so badly at the start — two bogeys and a double bogey through five holes — that he started firing away, and few players are more dangerous. He made an eagle and three birdies over a five-hole stretch to at least have a chance.His one mistake, aside from a bogey on the 15th hole, was not knowing the score.“He stuffed his tee shot on the 16th to 8 feet, and he went after the pin on the 17th to 5 feet for birdie, drawing him to within two shots. Leishman had finished by then at 15-under 273.“After I made that putt on 17, I never looked at the scoreboard,” Rahm said. “So as far as I was concerned, I was one back. With a birdie, I was going to be in a playoff.”It might not have changed anything. Rahm hit the green on the par-5 18th, and it went to the top ridge — the pin was on the lower level in a bowl. He was in the same spot from where he made eagle in 2017 that secured his first PGA Tour title.His putt died to the left and short. His caddie told him, “Good try.”“I’m like, ‘What do you mean? We’re in a playoff.’ He’s like, ‘Nope, he birdied 18.’ And I didn’t hear any roars or anything, so I just assumed he parred,” Rahm said. “Again, even if I hit the right speed, that putt doesn’t go in. It was left of the hole, so it doesn’t matter. But still, it’s just a sour feeling.”Rahm shot 70. When he won at Torrey Pines in 2017, he rallied with a 65 to win. This time, it was Leishman’s turn. Leishman and Rahm are the only players to win with a 65 in the final round since the South Course was revamped and lengthened ahead of the 2008 U.S. Open.Rory McIlroy, needing a victory to return to No. 1 in the world, started three shots behind in the final group and opened with two straight bogeys. He missed a short birdie attempt on the third, and then pulled his tee shot into the hazard and had to scramble for bogey.Much like Rahm, he stayed in the mix by playing his last five holes on the front nine in 5 under. McIlroy couldn’t make up enough ground, shot 69 and tied for third with Brandt Snedeker (68).Tiger Woods, trying to set the PGA Tour record with his 83rd career victory, never got anything going. Woods had to settle for a 70 and tied for ninth, six shots behind.Woods and Kobe Bryant began their pro careers the same year. Only after the round did Woods learn Bryant had died in a helicopter crash about 30 minutes north of Los Angeles.“I didn’t understand why they were yelling, ‘Do it for Mamba’ on the back nine,” said Woods, who called it “one of the most shocking, tragic days I’ve ever been part of.” Written By Associated Press Television News COMMENT
With rain scheduled to hit the Baltimore area throughout the evening, the Ravens have canceled Saturday’s free and open practice at M&T Bank Stadium.The workout had been scheduled for 6 p.m. with fireworks to follow, but an evening forecast including a 100-percent chance of rain certainly wasn’t ideal for fan attendance. With the Ravens beginning training camp a week early due to their participation in the Hall of Fame Game, putting players at risk on a wet field — and tearing up the natural grass surface in the process — wouldn’t have been wise at this early stage of the summer.Per a team official on early Saturday afternoon, the organization had not yet discussed with the football staff whether a stadium practice would be rescheduled for another date this summer. Saturday night was to be the first time the Ravens would practice in full pads this summer.The Ravens have managed to stay relatively healthy through the spring and early summer with veteran right guard Marshal Yanda being the most notable absence. The six-time Pro Bowl selection missed most of last season with a broken ankle and underwent shoulder surgery early in the offseason, which explains why he is currently on the active physically unable to perform list. Yanda is expected to be ready to go ahead of the start of the regular season on Sept. 9.Rookie first-round tight end Hayden Hurst missed Friday’s practice with what was described as a soft-tissue issue by head coach John Harbaugh. However, the tight end group did welcome fellow rookie Mark Andrews back to the field as well as Vince Mayle (ankle), who was activated from the PUP list.In addition to Hurst, offensive lineman Maurquice Shakir and cornerback Bennett Jackson were new absences on Friday. Remaining sidelined were offensive lineman Greg Senat, linebacker Bam Bradley (knee – PUP), cornerback Jaylen Hill (knee – PUP), and wide receiver Quincy Adeboyejo (leg – PUP).