Despite a limited presence so far in the United States, Adam Neumann is taking his latest venture abroad.
Miami-based Flow is partnering with local investors to develop three residential properties in Saudi Arabia, Bloomberg reported. The trio of buildings in the country’s capital city, Riyadh, are slated to deliver approximately 920 units.
Flow will own and manage the properties. The company set up an entity to operate in the Middle East nation. One of the buildings is already open, though it won’t be fully completed until the end of the year; the other two buildings are expected to open in the first quarter.
“Saudi Arabia presents a tremendous opportunity to invest in a place with dynamism and growth,” a spokesperson for Flow said. Ben Horowitz, a cofounder of Andreessen Horowitz — which invested $350 million into Flow in 2022 — previously teased an expansion to the Middle Eastern country.
The properties will include furnished and unfurnished apartments, attempting to appeal to locals and foreigners alike. The average rent on a furnished apartment at the open property is $4,262, versus the average rent on an unfurnished apartment, $2,843.
So far, Flow only owns six buildings in the United States, operating two of them. The startup is geared towards community-centric housing. As of March, Neumann had three projects in various stages at Miami Worldcenter.
Two Nashville properties in which Flow invested faced cash-flow concerns at the start of the year, sparking the creation of two funds on crowdfunding platform Yieldstreet to patch up their finances. Both of those funds have since closed. A spokesperson for Neumann said the properties are controlled by Yieldstreet.
While Neumann is looking to revolutionize residential real estate with Flow, it appears he’s had a difficult time letting go of his ambition to do the same in commercial real estate. Neumann attempted to buy WeWork back as the co-working company wound its way through bankruptcy, but it emerged from the process without Neumann back in the saddle.
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