I
t's been two years since Adam Neumann launched his residential venture Flow, and over six months since its first properties went live. Despite the hype around community-based living, the concept remains shrouded in mystery. At The Real Deal South Florida Real Estate Forum, founder Amir Korangy pressed Neumann for clarity on what sets Flow apart from other developments.

    Neumann stuck to his vision of a "feeling" that comes with Flow's community perks, such as wellness classes hosted by residents. Since securing $350 million in funding from Andreessen Horowitz, the startup has acquired six buildings and opened two rentals in Miami Worldcenter and Fort Lauderdale. Neumann claimed revenue growth is driven by the community concept, citing substantial net operating income increases.

    Flow's website currently offers one month's free rent at both rental buildings, which are about 90% leased. However, earlier this year, TRD reported that Flow was struggling to finance two Nashville properties under the brand. In a shift in strategy, Flow converted a building initially conceived as a rental development into condos due to higher interest rates.

    Neumann expressed his commitment to Miami but also highlighted Saudi Arabia as a promising market. He noted Riyadh's young population and Crown Prince Mohammed bin Salman Al Saud's vision for urbanization and community. Neumann believes the concept has a broader market fit in Riyadh, where it doesn't exist yet.