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Adam Neumann’s Flow Makes First West Coast Acquisition
Flow, the real estate company founded by WeWork co-founder Adam Neumann, has acquired The Fay residential tower at 10 E. Reed St. in downtown San Jose for $175 million, the Silicon Valley Business Journal reported. The deal marks the company’s entry into California and the West Coast more broadly.
The 336-unit apartment building at Reed and Market streets was acquired through a joint venture with local developer ASJ Development, reported the Business Journal. ASJ is led by Andrew Jacobson and Gary Dillabough, who have been involved in other downtown San Jose residential developments.
“The Fay is one of the best new residential buildings in a city where demand for great housing keeps growing,” said Neumann. “This is exactly the kind of asset Flow was built to operate, and exactly the kind of city we want to be in.”
Flow said it plans to rebrand The Fay, bringing in its technology platform, community programming, sustainable design and operational model to the local site.
- ◦Sale/Acquisition
