- Flow and Canada Global paid $116.2M for the Aventura Corporate Center, with $80M financed through Ladder Capital.
- The 10-acre site is approved for two 24-story towers, accommodating 495 apartments and 39K SF of commercial space.
- Adam Neumann invested $36M into the deal, securing a 30% stake in Canada Global.
Adam Neumann is back in the spotlight with his residential real estate venture, Flow, partnering with Israeli investment firm Canada Global to acquire the Aventura Corporate Center in Miami. Purchased for $116.2M from Stonecutter Capital Management, the site offers significant development potential, including two planned 24-story towers with residential and commercial space.
Built in 1986 and expanded in 2007, the Aventura Corporate Center spans 253K SF and is 92% occupied. The $80M acquisition loan from Ladder Capital provides strong financial backing for the deal, which promises a projected 7% ROI from the office space alone.
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Flow, founded by Neumann in 2022 after his exit from WeWork, has expanded into residential real estate with properties in Fort Lauderdale, Miami, and Saudi Arabia. Flow’s asset management includes day-to-day operations and “living experiences,” signaling a unique approach to property management.
This acquisition comes on the heels of Neumann launching Workflow, a coworking competitor to WeWork, leveraging Flow properties to expand.
Neumann’s involvement marks a significant step in Miami’s competitive real estate landscape. Rezoned for mixed-use development in 2023, the site is primed to cater to Miami’s growing demand for upscale residential spaces.
Flow’s participation reflects a broader trend of high-profile players re-entering the market, redefining development models with integrated residential and commercial offerings.
