It was announced yesterday that WeWork cofounder Adam Neumann’s housing venture, Flow, raised $100 million dollars. Combined with the $350 million Andreesen Horowitz (aka A16z) invested in 2022 —the largest capital commitment in their storied histor y—Flow is being valued at $2.5 billion. These large investments may seem odd in light of WeWork’s fate and Neumann’s dubious departure, but they might not be.

WeWork was a revolutionary proptech venture. The company heralded new paradigms about the nature of work and workplace, marking the end of salaried weekday warriors filling rows of desks in ten-year-leased whole floors of antiseptic office buildings — and the beginning of a new era of the flex worker paying a monthly membership to access hot desks in high-design, branded spaces complemented by a sophisticated technological user experience. As former WeWork tenants ourselves, we can attest to the electric energy of entering a WeWork space in its heyday that made it exciting to go to work.

Given the huge impact WeWork had on commercial real estate, there were a lot of rumors as to the nature of Flow’s business after A16z’s detail-light funding announcement. Some speculated Flow involved blockchain, others that it gave renters equity stake in their rental buildings. But when Neumann finally revealed Flow’s business, he said Flow was operating and sometimes owning branded apartments and, more recently, condos. The investments may be signaling a steadfast conviction in this shifting paradigm in residential real estate, one where brand is not just cosmetic — it’s core.

Branded housing isn’t really a thing, despite the trillions of dollars of value locked up in housing markets. There is no Apple of housing , meaning there are no housing developers or operators whose brand values, aesthetic, and business practices are immediately known to large swaths of the public. This, um, vacancy in the marketplace may have been what spurred A16z’s massive investment in Flow.

This is not to say brand doesn’t play a huge role in real estate. WeWork was perhaps the first CRE operator to create an office brand. And hospitality and retail are all about brand, whether it’s a W Hotel, Five Guys Burgers, or Equinox. And branded housing does exist, though it’s typically high end. Companies like Porsche, Bulgari, and Fendi have partnered with luxury developers to infuse their brands into residential living. But these housing examples are outliers. There is no Toyota or Samsung of housing—brands serving the great middle and lower tiers of the market.

As believers in the power of branding, we think this is a missed opportunity.

To be clear, a housing brand need not be globally recognized like a Toyota to be a raging success. Owning a city or region can represent billions of dollars of opportunity. And building a compelling housing brand doesn’t require VC-backed startups like Flow to execute. In fact, the greatest opportunity we see is with existing operators who are already successfully performing in the marketplace, but want to refine their product offering, syncing up their values with product delivery —and doing so without the VC expectations of hockey-stick growth.

We believe branded housing is one of the most under-leveraged strategies for operators looking to truly own a market — particularly with offsite student housing, a sector that sits between conventional rentals and hospitality. While student housing tenants might sign leases, they are expected to “graduate” from the housing. High churn means operators can’t depend on long term tenancy like conventional rentals, so it’s important to deliver a high quality tenant experience that’s recognized and recommended by a school’s student body.

StateHouse Columbus: Branded Housing with a Homefield Advantage

You don’t need national scale or VC backing to leverage the power of branded housing — just a clear point of view, a strong local read, and a commitment to delivering a consistent, elevated resident experience.

That was exactly the opportunity at Ohio State, where the off-campus housing landscape was dominated by aging single-family rentals. In a market brimming with brand-conscious students and Big Ten school spirit, L3 Campus saw the potential to do things differently — and own the category.

Together partnered with them to unify five previously disconnected properties under a single, standout identity: StateHouse Columbus. From naming and visual language to physical signage and digital touchpoints, we crafted a brand that feels like an extension of the OSU experience — bold, cohesive, and high-amenity — while remaining fully independent.

The result? A portfolio that resonates with students, stands apart from the rental status quo, and positions our client as the clear go-to operator in the area.

Getting Your Real Estate Portfolio on the Brand Wagon

The same principles that made StateHouse Columbus successful — a clear identity, local resonance, and a differentiated resident experience — are equally powerful for multifamily operators looking to stand out in saturated markets.

The next wave of multifamily renters are today’s brand-savvy students. The same generation that expects curated experiences and strong aesthetics in their student housing won’t lower the bar when they graduate. Operators who invest in brand now — not just amenities — will be better positioned to attract and retain tomorrow’s renters.

For operators looking to lease faster, retain longer, and resonate deeper — brand might be your most underused tool. Curious how brand could sharpen your portfolio? Let’s talk.