Adam Neumann’s real estate startup Flow has expanded to Riyadh, Saudi Arabia, with the opening of its first properties in the capital city. After facing setbacks with his previous venture, WeLive, Neumann has focused on co-living and apartment rentals with Flow, outfitting properties with coworking spaces, yoga classes, and hotel-style services to promote a sense of community. The Flow Narjis compound in Riyadh offers two- and three-bedroom apartments starting at $3,500 a month, along with amenities like pools, gyms, and bowling alleys.
The startup has three properties in Riyadh, with construction expected to be completed by the end of the year. Neumann partnered with private local investors to acquire the properties, but Saudi’s sovereign wealth fund, a major backer of A16Z, has not invested in Flow. The decision by Andreessen Horowitz to invest in Flow sparked confusion given WeWork’s previous troubles, including Neumann’s failed attempt to buy back the company after its share price plummeted and it filed for bankruptcy protection.
Neumann’s vision for Flow includes using technology to enhance hospitality and create a sense of community in residential buildings. The startup’s properties in Fort Lauderdale and Miami, Florida, offer medium to long-term leases with eco-friendly features and a focus on values like commitment, growth, love, and oneness. Tenants can use an app for concierge-style services and maintenance requests, and promotional incentives like a month of free rent are common to attract tenants to luxury apartments.
Despite controversies surrounding his ties to Saudi Arabia’s sovereign wealth fund, Neumann has continued to expand his real estate ventures to the kingdom. Flow Narjis in Riyadh has hosted events like a cacao ceremony and dance classes to promote community engagement among residents. Neumann’s previous experience with WeLive, which was shut down after his departure from WeWork, has informed his approach to creating a successful co-living and apartment rental model with Flow.
Neumann’s history with WeWork and his subsequent investments in residential properties demonstrate his ongoing commitment to the real estate sector. Despite challenges and controversies, Neumann remains focused on building a successful business with Flow, leveraging his experience and partnerships to create a unique living experience for tenants. As the startup continues to expand its presence in Riyadh and beyond, Neumann’s vision for the future of living is starting to take shape through Flow’s innovative approach to co-living and apartment rentals.
