Flow Acquired Miami Apartment Building
The firm purchased a 28-story residential tower in Edgewater.
Updated on Sept. 21, 2026 in Commercial
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Flow has completed the acquisition of the 296-unit Watermarc at Biscayne Bay property in Miami. The residential tower has been rebranded to Flow Edgewater following the deal with Blackstone's AIR Communities.
Why it matters
The acquisition marks a expansion for Flow into the South Florida rental market. The company is currently incentivizing new tenants by offering one month of rent free as it integrates the high-rise into its portfolio.
The 28-story tower at 2150 North Bayshore Drive sits on a 1.4-acre site. Monthly asking rents for the units currently range from $3,475 to $4,800.
The players
Flow
Flow is a residential real estate firm that focuses on the management and acquisition of apartment properties.
AIR Communities
AIR Communities is a residential real estate investment trust currently owned by Blackstone.
Reem Samhoury
Reem Samhoury is the newly appointed property general manager for the building now known as Flow Edgewater.
The details
The property was originally developed by Mill Creek Residential and previously sold for $211 million in 2022, amounting to approximately $713,000 per unit. Flow has appointed Reem Samhoury to serve as the building's general manager.
Timeline
Mill Creek Residential completed the development in 2021.
AIR Communities purchased the building for $211 million in 2022.
Flow acquired the property in September 2026.
Culture Shift
This acquisition reflects a broader trend of institutional investors recalibrating their holdings within the Miami luxury rental sector. It highlights the continued movement of specialized property management firms into high-density urban residential markets.
Potential renters in the Edgewater neighborhood may take advantage of the current promotion offering one month of rent free. Prospective residents should note that current market pricing for units in the tower ranges from $3,475 to $4,800 per month.
The takeaway
Renters interested in the Edgewater area should monitor whether the current management transition leads to changes in building amenities or lease terms. Keeping track of regional rent incentives is a practical way to manage costs in high-demand luxury markets.
Further reading
For more information on the regional landscape, visit Miami Commercial.
Source note: This article includes information reported by The Real Deal New York.
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