Image courtesy of Cube 3 Architects

Larry Gottsediener, chairman of Newton-based Northland Investments, and a top Northland official are now the owners of a professional sports team.

The boards of governors of both the WNBA and NBA approved Gottsedeiner’s purchase of the Atlanta Dream late last week. His partners in the acquisition are former Dream star Renee Montgomery and Northland President and COO Suzanne Abair.

“It is a privilege to join a team of inspiring women who strive for excellence on the court and equity off the court,” said Larry Gottesdiener. “I would like to express my gratitude to Commissioner Engelbert, Commissioner Silver, and the WNBA and NBA Boards of Governors for the opportunity.”

Two-time WNBA champion Renee Montgomery will be the first former player to become both an owner and executive of a WNBA team. Montgomery sat out the 2020 season to focus on social justice issues and recently announced her retirement from the league after 11 seasons.

“My Dream has come true,” said Renee Montgomery. “Breaking barriers for minorities and women by being the first former WNBA player to have both a stake in ownership and a leadership role with the team is an opportunity that I take very seriously. I invite you to join me as the Dream builds momentum in Atlanta!”

Founded in 2007, the Dream has qualified for the WNBA Playoffs eight times and has reached the WNBA Finals three times. The team’s former owners, Dream Too LLC, the Atlanta Dream ownership group, purchased the team in 2011.

Gottesdiener recently handed Northland’s reins over to his 31-year-old son Matthew, who became company CEO earlier this year. Larry Gottesdiener built the firm’s 26,000-unit portfolio of mostly multifamily properties in New England and the Sunbelt. The company has recently made entrances in several markets, including Atlanta, and received approval last year for an 800-unit, 23-acre, 1.1 million-square-foot mixed-use development in Newton.