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.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout