Former WeWork CEO Adam Neumann is pushing forward with his real estate dreams.
The cofounder of the coworking operator recently purchased a 16,500 square foot ground-floor retail space in Downtown Fort Lauderdale for $17 million. The space is located in the 631-unit Society Las Olas building.
With this new deal, Neumann will own the entire property after purchasing the residential component previously.
Neumann entities have been on an acquisition spree for apartment buildings across the US, purchasing majority stakes in over 4,000 apartments in southern cities. Reports state that this is part of an effort to create a company that would “shake up” the rental housing market.
In addition to Society Las Olas, Neumann also owns 43-story tower Caoba in Miami Worldcenter, as well as 387-unit rental property Yard 8 located in Midtown Miami.
While it is still uncertain how Neumann will come into his new role as landlord, it is clear that his millions received as part of his WeWork exit package is helping fuel this new endeavor.