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Adam Neumann is shouting the benefits of community via real estate from the rooftops.
But this time, it’s 2022, and his history precedes him.
For the greater part of the 2010’s, Neumann made headlines for a variety of reasons. Investing into wave pool companies, throwing workplace ragers, burning through cash at the speed of light and of course, failing to take his promising coworking company public.
One may presume that this would be enough to put an end to Neumann’s real estate dreams. However, with a $350 million commitment in his back pocket, he’s hoping to change the narrative with Flow.
Flow promises to transform traditional residential apartments into community-driven environments that feature shared amenities, flexible leases and fully-furnished spaces. It is safe to say, Flow’s operational model feels eerily familiar.
The goal is to attract nomads that are on-the-go, but desire a sense of camaraderie in their environment.
There is still a clear elephant in the room. Neumann isn’t new to the real estate game, but his efforts to become a nonconformist tech guru is still enticing to investors.
“He always knows how to sugarcoat it and give it a nice flavor. ‘It’s tech, it’s this, it’s that,’” said Moishe Mana, a developer for a downtown Miami project
“He talked the talk about conscience and society and all kinds of bullshit and he ended up with money … and a lot of money was wasted.”
Flow is expected to launch next year with a massive valuation already in tow.
Although the shared-resident market is already a player in the real estate world, the demand for shorter apartment leases is certainly expected to alter how the real estate industry operates. Whether Flow offers a solution is still to be determined.
“I don’t trust Adam, I don’t trust his intention and I don’t trust his judgment,” said Mana. “Until now, we proved he was able to blow up $25 billion and still people are giving him money. I don’t understand it, thinking it’s going to be different this time.”
