That has already been done … we have Mietshäuser Syndikat in Germany, which pioneered the legal mechanism for that. Basically a limited liability company under the exclusive control of an association, and all tenants become members of the association automatically (which is low cost and low admin, in contrast to changing a manager of a company).
The legal construct in other jurisdictions will be slightly different, and so far I’m not aware that it has been done anywhere else. At least the Mietshäuser Syndikat people say that somewhere. So if The Reef wants to pioneer that for Belgium …