WeWork co-founder Adam Neumann is moving into the multifamily business.
Entities affiliated with Neumann have purchased majority stakes in over 4,000 traditional apartments over the past year, according to The Wall Street Journal. These investments total over $1 billion and are in locations throughout the south like Atlanta, Miami, Fort Lauderdale, and Nashville.
Neumann has also indicated plans for introducing amenity-heavy rental apartments to the market. Amenities at those properties include coworking space, valet trash pick-up, and a barber shop. The amenity-centric experience was a major component of both the WeWork coworking and WeLive coliving brands.
Neumann stepped down as WeWork CEO in 2019 as the company prepared for an initial public offering; the WeLive brand has been phased out and as of last summer, the Virginia location is being run by coliving company Common.
This article originally published at https://dc.urbanturf.com/articles/blog/former-wework-ceo-making-multifamily-moves/19102.
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