The WeWork founder had been set to focus on apartments with a new mysterious company called Flow. He has since added the condos and invested in an Israeli real estate firm.
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WeWork founder Adam Neumann set out two years ago to reinvent the everyday experiences of apartment dwellers with his new company Flow.
Those plans have been ReWorked.
Neumann said the nascent company learned that buyers of multifamily buildings have the same thirst for the type of community Flow set out to create when it began buying new apartment buildings in the Sun Belt.
So Flow pivoted and on Wednesday announced that it would add condos into its portfolio, starting with a new building in Miami.
“We learned while building Flow over the last two years that the exact same needs faced by renters are also faced by owners in terms of lack of community and lack of connectivity,” Neumann said in a statement. “We are excited to build upon our vision and bring the full Flow experience, which is rooted in community and a sense of belonging, to anyone looking for a better experience from their permanent residence.”
Flow House is a new 40-story tower in Miami Worldcenter, a new mega-development in the heart of downtown Miami.
The condo tower will offer a mix of 466 studios, one-bedrooms and two-bedroom units for sale. Each unit, along with the building itself, will include many of the same tech-driven features and community-focused amenities layered into Flow’s apartment buildings. Studios start at $450,000, and all units are set to be available next year.
“Each residence features floor-to-ceiling windows – some with private balconies – luxury bath finishes, in-unit washers and dryers, and custom lighting packages,” Flow said. “Buyers also have the option to upgrade to gourmet kitchens. Flow’s commitment to enhancing the resident experience is also reflected in its comprehensive suite of community amenities.”
Neumann, who was forced out of the workshare company he founded after it suffered immense financial blows, made headlines when he started scooping up new apartments in 2022.
He pulled in a $350 million check from Silicon Valley investors a16z, which was that company’s largest single investment at the time. The investment put Flow’s value at $1 billion before it even launched.
Neumann remained focused on the work-from-home experience, mixing in private offices, podcast rooms and coworking spaces into his new buildings. He briefly made a run at buying WeWork out of bankruptcy before abandoning the effort earlier this year.
He has made clear he intends to expand his real estate holdings beyond 4,000 units in four U.S. cities and Saudi Arabia.
In late September, Flow invested $27 million into Israeli real estate company Canada Global. The investment gives Flow a 25 percent ownership in the company, Calcalist reported.
What isn’t as clear is how Flow will differentiate itself from other modern Class A apartments, which frequently offer similar amenities and tech features.
