The real estate firm Flow announced on Tuesday the acquisition of a $200 million residential complex in Wynwood, Miami, which, according to estimates, could be worth over $300 million.
The company, founded by Adam Neumann and Andreessen Horowitz, which each invested $350 million in 2022 and has a current valuation of $2.5 billion, acquired a 50% ownership stake in the Society Wynwood project.
“This is a new and upscale residential complex (completed in 2024) comprising 318 units, located in the heart of Miami’s Wynwood neighborhood,” explained the company in a statement.
Additionally, the acquisition was made in partnership with Greybrook Group, a private real estate investment firm based in Toronto and the current owner of the project.
“Wynwood has soul. We are proud to be part of a community built by people who care about art and entrepreneurship. The Wynwood district and its energy attract not only artists and entrepreneurs, but also individuals who care about growth and learning, for whom Flow was built,” Neumann said.
Working on America’s new Silicon Valley
The project was established in Wynwood because of the area’s artist-centered past and its high-tech-focused future, with many high-tech companies moving their operations to the Miami neighborhood.
Since 2020, the district has absorbed approximately 158,000 square meters of new Class A office space, with tenants such as Amazon, Spotify, Sony Music, Thiel Capital, PwC, and Gensler, Flow explained.
“From the outset, we were confident in the strength of the Wynwood district and the unique characteristics of its location. The project was developed with a clear vision to support the area’s continued growth while delivering a high-quality living experience for residents,” said Peter Politis, CEO of Greybrook Realty Partners.
Flow has already invested heavily in Miami, with approximately 3,559 active units and over 5,000 additional units under development across Aventura, El Portal, and Brickell.
Miami’s thriving Jewish community
The acquisition comes as Miami continues to grow as a preferred destination for American Jews, with some 130,000 Jews currently living in the city.
According to a study by Brandeis University, the community is among those with the lowest intermarriages (marriages between Jews and non-Jews), with only 24%.
Additionally, a report by The Miami Herald estimates that the Jewish population in the Miami-Dade area has grown 25% over the last decade, with some 69,700 Jewish households.
Source:
www.jpost.com
