3 NBA Vets Launch CRE Firm Targeting Conversions
Three current and former NBA players — who were all first-round draft picks after playing for Big East colleges — are teaming up on a new commercial real estate venture.
Philadelphia 76ers center Andre Drummond and NBA veterans Moe Harkless and Michael Carter-Williams have co-founded the development firm Special Teams Real Estate, Sportico reported.
The firm plans to target development and conversion opportunities in New England while educating other players on the ins and outs of the commercial real estate industry.
The company will initially start by targeting commercial and industrial properties that are ripe for residential conversion projects. The firm is also looking to buy and renovate properties.
The founders are focused in the New England area, as all three have roots in the Northeast: Drummond is from Middletown, Connecticut, and played for the University of Connecticut; Carter-Williams is from Massachusetts and played for Syracuse University and Harkless is from New York and played for St. Johns University.
The firm plans to start in Middletown, Connecticut. Drummond, who signed a two-year $10M contract with the Phildelphia 76ers in June, said he hopes to establish new residential projects in the city and spur economic development that his community can benefit from.
“You start to feel the back end of your career, and it’s scary thing,” Drummond told Sportico. “I want guys who are in a similar position, or even [younger] too, to get a head start so they’re not trying to figure out what’s next 10 years into their careers when they can do it right now.
Many professional athletes have turned to commercial real estate during and after their careers, Bisnow previously reported. Legends Investment Network was founded in 2019 with the sole purpose of educating and connecting pro athletes and celebrities looking to invest in the industry.
