New York-based real estate management firm Common will have its first-ever entry into the St. Pete market as it has been tapped to manage The Wayland, a multifamily development in downtown St. Pete.
The Wayland, located at 305 Dr. M.L.K. Jr. St. S., is owned by New York-based Atlas Real Estate Partners and Skylight Real Estate Partners. Under the agreement, Common manages all 481 units of the property and controls the marketing and branding.
“It’s been almost two years of having conversations with Atlas. Typically with real estate owners, all the stars have to align – it has to be the right asset, the right timing and it all fell into place,” Common’s Senior Managing Director of Real Estate Amalia Paliobeis said. “Atlas was drawn to Common because we think in a different way, we have an innovative approach.”
The Wayland has recently been added to Common’s website and property listings. It is now rebranded as The Wayland by Common.
The Wayland was designed for young professionals in the area. The newly upgraded building consists primarily of studios and one-bedrooms, with the starting price at $1,250 per month, and features Class A-quality amenities.
It also features an expansive 2,000-square-foot co-working space available to residents. The space also offers a resident kitchen, a resort-style pool, a turf lawn, a pet spa, and a fitness center that has a yoga room and Peloton bikes.
Paliobeis said existing leases will not be impacted by the new management. The group plans to hire leasing agents and others for the St. Pete property.
Common is actively speaking with other property managers and developers about opportunities in the Tampa Bay area.
Today, Common serves renters across 12 cities and nearly 7,000 units in co-living, microunit and traditional apartments. According to the company’s website, the group is known for its automated lease renewals and a smart ticket routing and resolution system, which reduce building operating expenses and enhance data collection.