Amid WeWork’s bankruptcy proceedings, former CEO Adam Neumann — who is “trying to stay out of the headlines” — is getting ready to launch Flow, his new property management startup.
The inaugural property, Society Las Olas in Fort Lauderdale, consisting of 639 units, is set to open early next year under the Flow banner, according to Ben Bergman on Insider, who got a tour of the property.
The property feels like WeWork, Bergman reports, with its neon signs, colorful furniture, and ample greenery, but they say “a warmer, more contemporary redesign” is already lined up for the next few months.
Flow aims to distinguish itself through technology, with the development of an app as the central hub for residents, facilitating communication between the tenants, making gym class bookings and maintenance requests, and serving as a virtual key for elevators and rooms.
The app is the only part of the startup that makes it a tech company — and maybe the weight they put on the promise of using it to build a community and not just operate a typical luxury multifamily property. Regardless, that was enough for prominent investor Andreessen Horowitz, aka a16z, to buy into it with an injection of $350 million in August last year, catapulting Flow’s valuation to $1 billion.
Related: US Venture-Backed Tech Startups Face ‘Mass Extinction’
Bergman found that much like the underlying concept of WeWork, there’s not much that’s new or novel with Flow. It’s essentially a managed apartment building — except it charges a little more than the average for the area because it has a sleeker centralized online system via the app, cleaner common areas, an operating poolside restaurant, updated gym equipment, and what they call a resident experience lounge.
Apart from the Fort Lauderdale property, there are five others in Atlanta, Nashville, and Miami, which Neumann reportedly bought for over $1 billion in 2021. But Flow’s plans for future property launches, reportedly totaling over 4,000 units, have yet to be disclosed.
Information for this story was found via Insider, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
