ios – How to organize an Xcode project for two apps using shared, internal code?

I’m working with another developer to build two iOS apps. Both apps share the some code and some other resources. The shared code doesn’t need to be accessible to any other software other than these two apps.

I referenced this post about projects and workspaces in XCode. It seems that the best way to organize all this for my use case is to create a workspace with the following projects:

1. A project for building the executable for app 1
2. A project for building the executable for app 2
3. A project for the shared code and resources used by projects 1 and 2.

Is there a better approach? If not, what type of project would project 3 be?

Thanks much.