Stellar Management purchases The Windermere at 666 West End Avenue for $68 million

Stellar Management has acquired The Windermere at 666 West End Ave. for $68 million. Stellar will invest $10 million in renovations to the 23-story, 374-unit, pre-war limestone and brick façade apartment building. "This is a welcomed addition to Stellar's growing portfolio," said Ryan Jackson, a vice president at Stellar Management. "Once renovations are complete, the property will juxtapose the quintessential 1920's pre-war essence with modern amenities." Stellar will maintain the building as class A rental and will provide residents with access to contemporary rental services such as: wireless Internet, a lobby lounge, gym and roof deck. There are also plans to bring new "green" upgrades to the property. The renovation designs will be a joint venture between N-Plus Architecture and RSVP Architecture Studio. Prior to Stellar Management's acquisition of the property, The Windermere was owned by the Zarucki family since 1973 The purchase of The Windermere comes on the heels of two other notable announcements made by Stellar Management: in July, the group launched a joint venture with Savanna Real Estate Fund I, LLC to recapitalize 2 Rector St., and in November, the purchase of Tivoli Towers, a 33-story, 320-unit affordable housing property in Brooklyn that will remain in the Mitchell-Lama program for at least 30 years.