Adam Neumann’s Flow Buys Out PMG in Society Wynwood

Adam Neumann’s Flow bought a 50 percent stake in Society Wynwood, with plans to renovate and rebrand the property.

Flow is now a co-owner with Toronto-based private equity firm Greybrook of the property at 176 Northwest 25th Street and 2431 Northwest Second Avenue in Miami, according to a Flow news release. Flow bought out PMG’s stake in the building.

Greybrook, led by Peter Politis, and Miami-based PMG completed development of the 10-story, 318-unit Society Wynwood in 2024, records show. In August, the pair landed a $178 million refinancing from funds managed by Ares Management and Monarch Alternative Capital, taking out the project’s $142.3 million construction loan originally secured in 2021.

Sources told The Real Deal that PMG no longer co-owns the property, meaning it sold its stake to Flow.

Flow’s purchase includes an initial $15 million investment, with an additional $10 million for planned capital expenditures and rebranding, according to a source familiar with the matter. The forecasted net operating income from the property is estimated at $300 million.

As of Monday, Society Wynwood’s website showed it already was rebranded as Flow Wynwood, coming under Flow’s management.

Renderings included in Flow’s news release shows the planned renovations will include the pool deck and social club.

Flow Wynwood offers studios, as well as one-bedroom to three-bedroom apartments, with monthly rents ranging from $2,405 to $5,825, according to its website. The property also offers rent-by-bedroom options, ranging from $1,495 to $2,050 a month.

Since Neumann launched Flow in 2022, the firm has spread money across South Florida. At first, it snapped up another PMG-developed apartment tower and then homed in on Miami-Dade County, buying a Miami Worldcenter apartment tower and recently completing the adjacent Flow House condo tower. Flow House was planned as rentals and switched to condos in 2024.

Flow and Israeli real estate firm Canada Global also invested in the Aventura Corporate Center office complex and have approvals for a three-tower, nearly 700-unit multifamily project next door.

In August, Flow, Canada Global and billionaire Yakir Gabay’s Yellowstone Trust bought a majority stake in Chetrit Group’s planned Miami River District megaproject, though Chetrit remains a minority partner.

Flow’s investments and plans in El Portal, a small centrally located village in Miami-Dade, has touched off a firestorm among some residents.

Flow and Canada Global also have entitlements for a roughly 3 million-square-foot redevelopment with nearly 2,400 apartments of a former mobile home park in El Portal, fueling fears towers would surround low-rise residential El Portal. Similarly, some village residents also took issue with the demolition of a signature church property, which will be redeveloped into SOLFL, a nature-themed Jewish school led by Neumann’s wife, Rebekah Neumann.