Trending
NBA’s Isaiah Stewart nets $2.1M multifamily in Rochester, NY
Detroit Pistons power forward reinvests in his hometown
A photo illustration of NBA player Isaiah Stewart and 1361 Lake Ave in Rochester, New York (Getty, LoopNet)
Isaiah Stewart, the starting power forward for the Detroit Pistons, engaged in a unique pre-game routine before facing off against the Miami Heat in their regular season opener.
The 22-year-old basketball star forwent the typical attractions Miami had to offer and embarked on a mission to locate a notary public to complete the closing papers for his recent investment property back in his hometown of Rochester, N.Y., the Rochester Business Journal reported.
Stewart, a former standout at the University of Washington, acquired the Colony Apartments on Lake Avenue in Rochester through his limited liability company, 1361 Lake Ave LLC, for $2.1 million.
K Holdings LLC, overseen by Pavel Klimovich, sold the property, the outlet said, citing records filed with the Monroe County Clerk’s Office.
The four-story property, built in 1968, includes 51 units and spans 34,000 square feet.
Stewart was drafted by the Portland Trailblazers in the first round of the 2020 NBA draft, later becoming part of a draft-and-trade deal that sent him to the Pistons. In July, he signed a four-year contract extension worth $64 million, solidifying his place as one of Rochester’s highest-earning professional athletes.
He remained committed to his hometown through investments like the Colony Apartments purchase, as well as organizing basketball camps and treating members of the Boys & Girls Club of Rochester to a Pistons game in Detroit.
NBA stars past and present have been known to make forays into real estate. Four-time champion Andre Iguodala announced in late October that he will run $200 million venture capital fund Mosaic, the New York Times reported. The 39-year-old, who retired from professional basketball during the offseason, raised the fund with longtime business partner Rudy Cline-Thomas.
Mosaic is focused on seed- and early-stage investments for companies in the enterprise software, fintech health care and sports company sectors. But one its first investments is in Vessel, a multifamily modular builder.
— Ted Glanzer