Common founder Brad Hargreaves to step down as CEO

Brad Hargreaves, the founder of Common, is stepping down as CEO of the co-living startup, he said on Twitter Tuesday.

Replacing him is hospitality veteran Karlene Holloman, the former CEO at Point Hospitality Group, who joined the startup as head of property management last year.

“She’s absolutely the right person to lead Common through the next phase of growth,” said Hargreaves, who will stay on as Common’s chair and chief creative officer.

Founded in 2015, Common is among the most notable companies in the co-living and property-management platform space. In September 2020, it raised a $50 million Series D funding round, bringing its total venture-capital haul to $113 million. By the end of that year, the company said it managed 3,500 units across 10 U.S. cities and had deals with big institutional landlords such as Nuveen and Tishman Speyer. It had also announced expansions into property management for workforce housing, a family-focused co-living service called Kin and a product for remote workers.

On Tuesday, Hargreaves said Common now manages over 7,000 units and has another 18,000 in the pipeline, but it’s unclear whether the startup is profitable. Other ventures in co-living, such as WeWork’s WeLive, have been unsuccessful. In May, the Daily Beast reported on a pattern of tenant complaints at Common’s communal spaces, including lax security, maintenance delays and alleged threats from other occupants that were not dealt with by the company.