Antares Purchases Two Greenwich Residential Complexes $223 Million
Acquisition is Largest in Connecticut History
22 February 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.
“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.
I guess things didn’t work out as well as they expected.