Greenwich, CT

Collins acquired the Greenwich Apartments in 1993 which consisted of a 3 building, 130 unit apartment community in central Greenwich, called Greenwich Close, and a stand-alone 53 unit Art Deco building called Winthrop House, immediately adjacent to the premier shopping and retail area known as Greenwich Avenue. In partnership with Competrol Real Estate Ltd. and HSBC, Collins renovated Greenwich Close and sold it in 1998 for $20 million, for a profit of $10 million. Winthrop House required a complete upgrade of building systems and interiors. The condominium conversion was a huge success with the final unit selling in 1999. The net sales proceeds were $12 million for a profit of $6 million.