February 22, 2006
Greenwich, CT – February 22, 2006 – In what is believed to be the largest real estate acquisition in Connecticut history, Greenwich-based Antares Investment Partners announced today the purchase of two prominent residential Greenwich properties from an affiliate of Mill Management Group for $223 million.
The company said that two complexes -- the 266-unit Putnam Green I-III located at the juncture of Post Road and Western Junior Highway in Greenwich and the 130-unit Weaver's Hill located off of Weaver Street in the Glenville section of Greenwich -- will be converted into luxury condominiums priced affordably by Greenwich market standards.
“As a local, Greenwich-based company, we have been told for years that many of the current tenants wish to acquire their homes, and we will do all that we can to ensure that they will have an opportunity to do so at an insider's price,” said Antares Managing Partner Joseph Beninati. “In fact, whether at insider prices or market prices, Antares' plan is designed so that our customers can buy for less than or equal to the market rents they might pay for new construction in Greenwich, Connecticut.”
“Greenwich real estate, be it commercial or residential, has become among the most sought after in the world. Over the last 20 years, our research shows that Greenwich residential real estate has appreciated, on average, approximately 10% per year. This staggering statistic is at the core of why we believe our customers will be making a sound investment by acquiring one of Antares' fully renovated condominiums,” said Doug Stevens, a Greenwich native and founder & CEO of the brokerage firm Greenwich Fine Properties. Mr. Stevens' firm will exclusively represent Antares on this project.
“The developments will offer all of the amenities and elegance of newly constructed Greenwich apartments, except they will be priced to attract a buyer demographic of young professionals and empty nesters that to date have been priced out of the new construction market in Greenwich,” Mr. Beninati said. "We are committed to making available all that Greenwich has to offer -- great schools, museums, shopping, prestige, access to New York City and low taxes -- at a cost that is the lowest-priced new construction on the market.”
The company began to notify tenants of both complexes of its conversion plans by letter today, announcing the commencement of a nine-month rent freeze to give occupants time to weigh their purchase options. In the letter, Antares also pledged to work cooperatively with tenants during the transition period in order to alleviate any concerns they may have.
“Through this history-making transaction, Antares will invest more than $125 million to restore these properties to their rightful place as two of the finest residential locations in Greenwich," Mr. Beninati said.
Renovations will include state-of-the-art, on-site amenities like health clubs, swimming pools and tennis courts. The exteriors will have completely new roofs, windows, patios, and facades, along with extensive new landscaping. The most dramatic improvements will be made to the interiors, where customers will find state-of-the-art kitchens and baths, new hardwood flooring and doors, and extensive wall and molding treatments.
“These luxury apartments, affordable by Greenwich market rent and market sales standards, will be an ideal choice for young professionals aspiring to own their own home. We see physicians from nearby Greenwich Hospital or professionals from the burgeoning hedge fund and financial services sector of the Greenwich and Stamford communities as likely homeowners,” Mr. Beninati said. “We also expect to attract Westchester residents, who are increasingly realizing that Greenwich offers significantly lower property taxes than New York.”
Daniel McNulty, President, and Mark DeLillo, Managing Director, of Rockwood Realty Associates, LLC, represented the seller in the disposition of the two complexes. Also of Rockwood Realty Associates, John O'Rourke, Managing Director, and Andre Dobrowsky, Vice President, represented Antares in the acquisition financing.
Built in phases between 1967 and 1969, the 20.4-acre Putnam Green complex has a variety of unit mixes including studios and one-, two- and three-bedroom townhouses. The complex is a neighbor to Western Middle School. Built in 1971, Weaver's Hill consists of two- and three-bedroom townhouses located on 29.25 wooded acres in a “conservation zone.” The combined, average home size is 1,500 square feet, with the smallest being approximately 750 feet and the largest being nearly 3,000 square feet. The Greenwich address affords owners easy access to Greenwich schools, the town's own beaches and golf course, and prime shopping and cultural offerings. Both properties are convenient to the Hutchinson River Parkway, the Merritt Parkway and Interstate 95. Driving distance from downtown Greenwich is five minutes and rail service to Manhattan's Grand Central Station is completed in less than one hour on Metro-North.
Headquartered in Greenwich, Connecticut, Antares is a leader in a full range of real estate assets, projects and services. The firm manages a multi-asset and multi-project real estate portfolio valued at approximately $4.5 billion and was founded by Joseph Beninati and James P. Cabrera in 1996. Using a vertically integrated business model, Antares develops, designs, entitles, builds, owns, sells and manages a broad range of ultra-luxury assets. Antares' capital partners are many of the world's leading financial firms, private equity funds, university and state endowments, and entrepreneurial investors.
Antares' projects and assets are primarily located in Fairfield and Westchester Counties. In Greenwich, Antares' Estate Division develops museum-quality residences on large, back-country properties. Its commercial and hospitality divisions own prominent assets such as Pickwick Plaza, considered the country's finest suburban office complex, and The Delamar Greenwich Harbor Hotel, a luxury waterfront hotel. In Westchester, Antares residential assets include CiderMill, an exclusive, gated community, and Armonk Square, essentially a “new town center” which will include extensive retail and community offerings. In Stamford, Antares is leading a major revitalization of Stamford's South End with a waterfront land assemblage that totals over 83 acres, and which is being designed as one of the largest and most exciting mixed-use developments in the United States.
Contact:
The Marino Organization
Frank Marino
Office: 212 889 0808
Cell: 914 715 6155
frank@themarino.org
Frank Marino/Julia Winkler
Office: 212 889 0808
Cell: 850 264 9189
jjuliaw@themarino.org