Report: WeWork co-founder now has stake in greater Decatur apartment complexA map showing the location of Inkwell Decatur. The property is now oned by a company associated with WeWork cofounder Adam Neumann, Image obtained via Google Maps
This story has been updated.
Greater Decatur, GA — The Wall Street Journal reports that Adam Neumann, the co-founder of WeWork, has been snatching up apartment properties throughout the South, and one of them is in greater Decatur.
In May, CoStar reported in May that Neumann’s company paid $74.3 million for the Inkwell Decatur apartment property.That apartment complex is part of a larger retail center anchored by a Sprouts grocery store.
The Wall Street Journal reports that, “Entities tied to Mr. Neumann have been quietly acquiring majority stakes in more than 4,000 apartments valued at more than $1 billion in Miami, Atlanta, Nashville, Tenn., Fort Lauderdale, Fla., and other U.S. cities, according to court, property and corporate records and people familiar with the transactions. Many of these investments occurred within the past year.”
Neumann plans to “shake up the rental-housing industry,” according to WSJ. Neumann is no longer with WeWork.
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WeWork is the anchor business at 120 West Trinity Place in Decatur. The development is on the site of the former Callaway building.
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