- Flow is in talks to sell a stake in a 425-unit Buckhead apartment tower to Atlanta-based multifamily giant Cortland, which is expected to assume management and leasing responsibilities.
- Cortland has already rebranded the property as “Cortland at Buckhead Village”, signaling a likely closing in the coming weeks.
- The tower, formerly Modera Buckhead, was acquired by Neumann’s family office in 2021 for a reported $205M, though the price has not been independently confirmed.
- This deal marks a rare public glimpse into Flow’s real estate holdings, which reportedly include over 4,000 multifamily units nationwide, with ambitions to build a lifestyle-focused rental brand.
A Shift in Ownership
According to Bisnow, one of Adam Neumann’s early real estate deals is nearing a major change. Flow, his residential startup, is close to selling a stake in a 22-story apartment tower at 3005 Peachtree Road NE in Atlanta’s Buckhead neighborhood.
Cortland, a major local multifamily operator, is finalizing the acquisition. Cortland has already renamed the property “Cortland at Buckhead Village”, indicating that a deal could close soon.
This sale is part of a broader Flow recapitalization effort. As Flow looks to raise cash and strengthen its balance sheet, it’s leveraging assets like the Buckhead tower to bring in new capital partners. The move highlights the startup’s evolving approach to managing its growing portfolio.
From Modera to Flow to Cortland
Mill Creek Residential developed the tower in 2016 and named it Modera Buckhead. In 2021, Neumann’s family office, 166 2nd Financial Services, bought the property. Flow later absorbed the building into its growing portfolio.
At the time of purchase, the entity took out a $150M loan from Barings, which matures in June 2024.
Flow’s ownership wasn’t previously disclosed. The building is registered under 3005 Peachtree Owner NE LLC, which is linked to FOL Management, a Flow affiliate. Mark Lapidus, a former WeWork executive and Flow’s real estate VP, signed key financing documents for the property.
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Why It Matters
This sale shows a potential strategy shift at Flow. Even after raising $350M from Andreessen Horowitz in 2022, Flow has sought more capital. Last year, it used crowdfunding to help cover expenses at underperforming properties in Nashville.
The Buckhead tower is one of Flow’s earliest and most visible deals. Located in a top-tier Atlanta market, the tower signals how Flow aimed to make a national impact in multifamily housing. Cortland’s recapitalization may reflect broader pressure on Flow to adjust its approach, signaling a potential Flow recapitalization effort in response to market dynamics.
The Bigger Picture
Flow wants to reinvent rental living with a brand focused on community and amenities. Since launching, it has acquired assets in Florida, Nashville, and Saudi Arabia. Last year, it also bought a 16-acre site in South Florida and a 500-unit Miami development alongside Canada Global.
If this Cortland deal closes, it could mark a turning point for Flow. The sale would bring in capital and help the company sharpen its strategy in a crowded market.
What’s Next
A loan from Barings is due in June 2024, and a property tax incentive from Develop Fulton still has five years remaining. These factors make now a strategic time to sell.
By selling to Cortland, Flow could unlock cash and refocus on its long-term vision—delivering a new kind of apartment living. The deal also suggests that more sales or capital raises may be on the horizon.
