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Some of the best days of Andre Drummond’s life were when he was starring at the University of Connecticut. The two-time NBA All-Star is now on a mission with his new business venture to not only give back to the same New England region that molded him, but also help his fellow Big East Conference brethren create generational wealth.
Drummond, who recently signed with the Philadelphia 76ers, has joined with former NBA players Moe Harkless and Michael Carter-Williams to create Special Teams Real Estate, a commercial development firm. Harkless, a New York native and former star at St. John’s, and Carter-Williams, a Massachusetts native and former All-American at Syracuse, have come together with Drummond as founders of the new company.
The trio of former first-round picks are going beyond the typical investment path for many current and former pro athletes in commercial real estate, which is often as mere limited partners or minority owners in others’ projects. Special Teams Real Estate aims to provide quality and affordable housing (at least at market rate) while providing its partners with first-hand experience to learn more about the construction business, urban development and distressed investment opportunities.
Drummond, 30, wants to build a destination where former Big East players can expand their understanding of the real estate industry before retirement.
“You start to feel the back end of your career, and it’s scary thing,” Drummond, who just completed his 12th NBA season, said in an interview. “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. My message is to help them understand there’s other ways to bring in income while you help your community.”
Drummond plans to return to where he grew up, Middletown, Conn., in a couple of weeks for his annual youth basketball camp. But with his new real estate venture, he wants to offer the community more than a two-day hoops experience. He hopes to establish a residential project there, with a small percentage of units dedicated to affordable housing. Drummond wants to spur economic impact as he aims to leave a legacy with a company that his kids will potentially inherit and benefit from.
“That’s home,” Drummond said of Middletown. “It’s about leaving a mark in a bigger way than just my name. That’s what’s most important.”
Focused on the New England area, Special Teams Real Estate is actively pursuing adaptive reuse projects in southern New England. The Greenwich, Conn.-based company is targeting former commercial and industrial buildings to convert into residential apartments. These underutilized properties will be marketed by an internal leasing team and operated with help from partner and UConn graduate Rick Roth, who has more than 25 years of real estate experience. Special Teams Real Estate is also looking at buying existing investment properties and improving them.
Brunswick Sports Management (BSM), a firm representing pro athletes, is serving in an advisory role for the real estate company. BSM is helping the trio of athlete founders including Drummond navigate the process of commercial investment.
“We’re hoping his real estate career, due to the success of his basketball career, can be two times as big,” BSM managing partner Julian Aiken said in an interview. “We’re looking to revamp New England and the Big East through real estate, by converting what’s already there, which is a lot less costly and risky [than ground-up development].”
The founding group has been active, meeting with mayors and city officials while surveying potential locations. Carter-Williams and Harkless, neither of whom are on an NBA roster this coming season, have more time to develop their commercial real estate acumen, learning how to be a true general partner and fund their own projects without raising outside capital. They eventually want to be able to allow other former Big East stars to invest in the company’s deals as limited partners or teach them how to build their own construction company or underwrite real estate deals with the knowledge they acquire.
The three athlete founders have already considered creating a board of directors where former Big East players can provide their perspective on the direction of the company while participating in upcoming deals. There’s been early discussions with notable names about the potential governing body.
The Big East Conference has rich history within college basketball, producing some of the game’s all-time best from Chris Mullin to Allen Iverson to Carmelo Anthony. The conference alumni are known to remain connected and intertwined long after their playing days are over. It stems from the epic battles and showdowns, some of which were prime-time television depending on the era and teams. Special Teams Real Estate strives to leverage that connectivity to make money and create a long-lasting impact.
“Real recognize real,” Drummond said. “The Big East is its own community. If you played it, you know what I’m talking about. … At the end of the day, basketball is what brought us all together. So why not work on something that’s bigger than us?”
(This story has been updated in the fifth-to-last paragraph to better clarify Aiken’s quote.)