WeWork cofounder Adam Neumann.
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- Adam Neumann has indirectly acquired majority stakes in more than 4,000 apartments, The WSJ reports.
- The apartments, in cities including Nashville, Miami, and Fort Lauderdale, are together worth more than $1 billion, per the WSJ.
- Neumann has said he wants to build a company to shake up the rental-housing market, according to WSJ sources.
WeWork cofounder and former CEO Adam Neumann has indirectly acquired majority stakes in over 4,000 apartments valued at more than $1 billion altogether, The Wall Street Journal reported Tuesday.
Neumann, who resigned as WeWork CEO in 2019 after the company’s planned IPO imploded, has told associates he wants to build a company to shake up the rental-housing market, people familiar with the situation told The Journal.
The apartments, which were acquired by entities tied to Neumann, are located in cities including Miami, Fort Lauderdale, Atlanta, Nashville, and Tennessee, The Journal said, citing court, corporate, and property records and people familiar with the transactions. The majority of the investments were made over the past year, The Journal said.
Neumann is seeking to attract the same young professionals who were drawn into WeWork’s trendy office spaces, people familiar with the situation told The Journal.
The WeWork cofounder has a 268-unit apartment block in Nashville, called Stacks on Main, The Journal reported. It has a rooftop deck, a park for dogs, and a saltwater pool, per the building’s website.