Greenwich, Conn.-based Antares Investment Partners purchased two 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.
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. Built in 1971, Weaver’s Hill consists of two- and three-bedroom townhouses located on 29.2 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.
“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.”
The company said it began to notify tenants of both complexes of its conversion plans by letter this week, 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,” Beninati said.
Renovations will include 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 updated kitchens and baths, new hardwood flooring and doors, and extensive wall and molding treatments.
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