Adam Neumann's Flow Buys Edgewater Tower From Blackstone's AIR
The former WeWork founder adds a 296-unit bayfront tower while Blackstone's AIR Communities gives up a piece of its Miami book.
Adam Neumann’s Flow has bought a bayfront Edgewater apartment tower from Blackstone’s AIR Communities and already stripped its old name off the building, another sign the WeWork founder’s rental company is still adding to its Miami book while a Wall Street landlord trims its own.
Why it matters
Flow picked up the 28-story tower at 2150 North Bayshore Drive, formerly known as Watermarc at Biscayne Bay, according to a source familiar with the deal cited by The Real Deal. Neumann’s company has moved fast: it has already rebranded the property “Flow Edgewater” and is marketing units with a move-in promotion. For Blackstone, the sale trims a piece of the roughly 76,000-unit national apartment portfolio it took private through AIR Communities for about $10 billion in 2024, a sign the private equity giant is willing to cycle out of individual Miami assets even as it keeps betting on multifamily broadly. For Edgewater, it puts one of the neighborhood’s few institutional bayfront rental towers in the hands of a buyer now assembling a sizable South Florida rental platform rather than a REIT running it at arm’s length. Read more South Florida multifamily deals at the South Florida hub.
The numbers
The tower holds 296 units across 28 stories directly on Biscayne Bay. AIR Communities, then still trading as Aimco’s spinoff, paid $211 million for the property in 2022. The Real Deal reported the new sale price was not disclosed, and neither a Flow spokesperson nor a Blackstone spokesperson would comment on the transaction or its terms.
What’s next
Flow is already leasing under the Flow Edgewater name, meaning the rebrand and marketing push are ahead of any public confirmation of price or financing from either side. The deal adds to a run of South Florida acquisitions for Neumann’s company this year, including stakes in Wynwood and Brickell rental and mixed-use projects, and will test whether Flow’s model of buying stabilized bayfront towers outright can scale as fast as its joint-venture deals elsewhere in Miami.