The previous WeWork chief government officer has amassed an actual property portfolio in extra of $1 billion since departing the shared workspace large in 2019 following a calamitous IPO bid.
WeWork founder and former chief government Adam Neumann, who has shown an interest in residential actual property since departing the co-working agency, has begun amassing a portfolio of condominium buildings, in keeping with a brand new report.
The total particulars of the tech mogul’s plans aren’t but totally clear. Neumann has acquired a majority stake in buildings with greater than 4,000 residences, The Wall Street Journal reported Tuesday.
The holdings throughout Miami, Atlanta, Nashville, Tennessee, and others are valued at over $1 billion, the paper reported, citing out there information and conversations with unnamed sources it mentioned have been conversant in the transactions.
Neumann is well-known for founding the shared workspace firm WeWork, steering it by way of almost a decade of fast development earlier than a rocky departure and stalled IPO in 2019.
He stays a serious shareholder and has informed mates he plans to make waves along with his new condominium holdings, The Wall Road Journal reported. How he plans to do this stays unclear, however it could point out a continuation of different latest strikes in actual property.
In 2020, Neumann led a $42 million Collection C funding spherical for Alfred, a residential administration software program startup. Neumann’s funding totaled $30 million, in keeping with a Bloomberg report on the time.
Alfred payments itself as an end-to-end residential administration platform that delivers in-home assist and native providers to residents.
For Neumann, the funding marked a return to residential actual property. Tuesday’s information reveals he plans to develop that footprint.
Based by Neumann in 2010, WeWork grew quickly over time because of investments from Japanese megafund Softbank, amongst others. The corporate’s enterprise mannequin entails leasing massive areas in workplace buildings, then subdividing and subleasing these areas out to smaller corporations.