![\"Placeholder\"\/](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2025\/10\/placeholder.png\")
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\n The Fay apartments at 10 Reed St. in San Jose\n <\/p>\n
Flow<\/a>, a residential real estate and property management company launched in 2022 by WeWork<\/a>\u00a0co-founder Adam Neumann<\/a>, purchased The Fay apartment building in San Jose for $175M.<\/p>\n It is the first West Coast acquisition for Flow, which also has property in Miami, Fort Lauderdale, Florida, and Riyadh, Saudi Arabia.\u00a0<\/p>\n The 336-unit, 23-story high-rise at Reed and Market streets was about 60% vacant at the time of the acquisition, which was made through a JV with ASJ Development, the Silicon Valley Business Journal reported<\/a>.\u00a0<\/p>\n Flow intends to rebrand The Fay\u00a0and activate vacant ground-floor retail on East Reed and South First Street. In January, an affiliate of Madison Realty Capital<\/a> of New York City took possession of The Fay after the asset slipped into foreclosure, The Mercury News reported<\/a>.<\/p>\n At the time, the property was valued at $110M, down sharply from the $182.5M construction loan Madison Realty Capital provided to The Fay developer Scape<\/a> and its residential arm, Morro.<\/p>\n Shortly after the building went into foreclosure, the city of San Jose announced a plan to master-lease 197 one- and two-bedroom units at The Fay to boost the city\u2019s supply of subsidized moderate-income housing for public sector employees and residents making between 80% and 110% of the area median income.<\/p>\n The lease deal with ASJ Development, a subsidiary of Vancouver, British Columbia’s\u00a0Westbank Corp<\/a>.,\u00a0was for five years with two five-year options.<\/p>\n With its limited land and high home prices, San Jose is one of the tightest housing markets in the U.S. Developers are expected to increase the city\u2019s apartment inventory by a mere 0.3% in 2026, according to Marcus & Millichap<\/a>. Class-A multifamily properties in the city had 4.8% vacancy, with average rents of $4,335 per month, Institutional Property Advisors<\/a> said in a first-quarter market report.<\/p>\n","protected":false},"excerpt":{"rendered":"The Fay apartments at 10 Reed St. in San Jose Flow, a residential real estate and property management…\n","protected":false},"author":2,"featured_media":343168,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[141211,50843,88,90,141212,89,141213],"class_list":["post-343167","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-adam-neumann","tag-flow","tag-san-jose","tag-san-jose-headlines","tag-san-jose-multifamily","tag-san-jose-news","tag-silicon-valley-multifamily"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/343167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=343167"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/343167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/343168"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=343167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=343167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=343167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}