An entity with ties to former WeWork CEO Adam Neumann is looking to sell its ownership stake in the 425-unit apartment complex at 3005 Peachtree Road that was once known as Modera Buckhead.
An entity registered to FOL Management is looking to sell its stake in at the 22-story tower located at 3005 Peachtree Road NE, seven miles north of downtown Atlanta, according to Bisnow. FOL Management is an affiliate of Neumann's new residential venture called Flow. Records with the Florida Department of State list Jonathan Truppmann, Flow's general counsel, as an authorized representative at FOL Managment. The two companies share an office in South Florida's Bay Harbor Islands.
Neumann's family office, 166 2nd Financial Services, bought a minority stake in the building in 2021. However, the property was never marketed as being part of the Flow venture.
Atlanta-based developer and landlord Cortland is expected to close on the transaction over the next few weeks and will handle leasing at the property, according to Bisnow. The company has already launched a website for the renamed building, called Cortland at Buckhead Village, offering studio to three-bedroom apartments ranging from $1,889 to $3,297 a month.
Cortland did not immediately respond to requests for comment from CoStar News.
Neumann went public with Flow in 2022 after getting a $350 million investment from Silicon Valley venture capital firm a16z and bought apartments throughout the southeastern United States through his family office.
Unlike WeWork, which leased its offices to provide flexible work options for employees, Flow focuses on multifamily development, owning and operating its properties outright.
An informational brochure from Flow shows the company owns properties in four cities throughout the country. Two of those buildings — Flow Miami and Flow Fort Lauderdale — have already opened in South Florida, while a third condominium tower, Flow House, is in the final stages of construction in downtown Miami.
Last year, Neumann said he was considering "doubling down" on South Florida, suggesting West Palm Beach as a city that's interested him for a potential expansion.