Adam Neumann Buys Miami Luxury Tower for $713,000 Per Unit

Adam Neumann, through his company Flow, has acquired a 28-story luxury residential tower in Miami, featuring 296 rental apartments situated on Biscayne Bay. The building, located in the Edgewater neighborhood at 2150 North Bayshore Drive, has been rebranded as Flow Edgewater. The transaction details were not disclosed, but industry sources suggest the sale price was below market value.

The tower was originally developed by Mill Creek Residential and sold approximately four years ago for about $713,000 per unit. Real estate reports indicate that properties on the bayfront in Miami command prices between $800 and $1,100 per square foot, with average monthly rents in Edgewater ranging from $4,000 to $4,500.

Edgewater, located on Miami's eastern coast north of downtown, has seen a transformation from low-rise structures to high-rise residential towers, many offering views of the bay and the Atlantic Ocean. The neighborhood is strategically positioned near key Miami areas like Wynwood, Downtown, Brickell, and Midtown Miami.

This acquisition expands Flow's presence in South Florida, adding to its existing portfolio which includes the 54-story Flow Brickell tower. Flow's business model integrates property ownership, operation, and management with technology. The company's current and planned projects encompass over 8,500 residential units, 46,500 square meters of retail space, and 79,000 square meters of office space across two U.S. cities and Saudi Arabia, with an estimated portfolio value of $4 billion.

Flow operates with support from Andreessen Horowitz (a16z) and collaborates with global real estate partners. Additionally, Flow holds a significant stake in the Israeli company Canada Global, traded on the Tel Aviv Stock Exchange.