Common Living
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Common (Common Living) was a New York coliving company founded in 2015 by Brad Hargreaves that pioneered a residential property-management model around community - members 'know their neighbors, meet new people, and save money.' By mid-2020 it managed 48 multifamily buildings across nine U.S. cities with 15,000 beds signed and under development. After pandemic-era consolidation that saw it take over rival Starcity's assets and manage properties of the bankrupt Quarters, Common was acquired by its European rival Habyt in January 2023 for an undisclosed amount. It was North America's largest coliving operator when it filed for Chapter 7 bankruptcy on May 31, 2024.
02 / Common Living FAILURE REASONS
Failure factors supported by the current evidence
Multifamily Executive (10 Jun 2024), reprinting the Habyt/Common announcement, states Common Living ceased operations due to insolvency: it could not achieve profitability and lacked liquidity to continue without significant ongoing support from parent Habyt. Bisnow (3 Jun 2024) separately reported Habyt CEO Luca Bovone told Bloomberg the bankruptcy related to contract/business-model structure plus pressure from interest rates, tightening margins, and rising operating costs.
The company said it ceased due to insolvency and lacked liquidity without Habyt’s ongoing financial support.
It was not able to achieve profitability.
Bisnow citing Bloomberg: interest rates, tightening margins, and rising operating costs.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
Bisnow (3 Jun 2024) reports Common Living filed liquidation bankruptcy in the U.S. Bankruptcy Court for the District of Delaware late Friday (Commercial Observer: petition dated 31 May 2024) to liquidate, listing about $1–10M assets vs $10–50M liabilities.
- Liquidation
Bisnow: the firm is shutting down and plans to liquidate and cease operations. Multifamily Executive 10 Jun 2024: all operations suspended immediately subject to the U.S. Bankruptcy Code. Habyt continues separately in Europe/Asia and some U.S. buildings.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Raised approximately $113.35 million in total, including more than $63 million in its first two years and a $40 million Series C in 2019 led by Norwest Venture Partners.
- 02
On May 31, 2024 the company filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, declaring assets of up to $10 million and liabilities of $10–50 million; its assets were to be sold to repay creditors, and the company was fully liquidated.
- 03
No audited loss figure was publicly disclosed; funding raised and liabilities are not losses.