Technically, it should be adequate, as the entire purpose of the Eiruv is that all of the residents have a joint interest in one of the houses, and this should be accomplished by placing an item that they all own jointly in one of the residences.
However, it is not so simple. Since it used to be customary for each member of the Eiruv to contribute part of the required amount of bread needed, Chazal were concerned that it could lead to strife if an individual gave a mere piece of bread. Therefore, the Mishna in Eiruvin the bottom of 80b requires each family to contribute a complete loaf, and a large slice or chunk of bread is not acceptable. This Halacha is brought in Shulchan Aruch OC 366:6.
In the following Seif, the Shulchan Aruch qualifies this restriction that it only applies when the original formula of each individual contributing is being followed. In the more common practice today that one individual grants ownership to all the participants, the concern of strife is irrelevant and the Takana is not binding.