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Business Observer Thursday, Sep. 23, 2021 3 weeks ago

New York property management firm takes on downtown apartment complex

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Common will manage 481-unit apartment complex in St. Petersburg
by: Louis Llovio Commercial Real Estate Editor

ST. PETERSBURG — A New York property management firm has been hired to oversee a newly-renovated apartment building in downtown St. Petersburg.

Common will manage The Wayland, the 481-unit complex at 305 Dr. M.L.K. Jr St S. This is the first area property the company has been hired to run. Common currently oversees units in 12 U.S. cities worldwide. One of those is in Florida, Flagler Village in Fort Lauderdale.

The Wayland has just undergone a renovation and, according to Common’s website, comes with 4,000 square feet of amenity space, including a 2,000-square-foot fitness center, co-working space, resident lounge and kitchen and a sundeck. The complex is made up of one-bedroom and studio apartments. Rents start at $1,250.

The Wayland is owned by Atlas Real Estate Partners and Skylight Real Estate Partners. According to Pinellas County property records, it was bought in 2017 for $46.25 million.

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