Apartment Complex Sold For Over $20 Million In Greenwich

GREENWICH, CT — Putnam Green, a 66-unit apartment complex in Greenwich, has sold for $20.7 million, according to an announcement from commercial real estate firm CBRE.

The sale represents the largest multifamily transaction in Greenwich since the 2012 sale of Millbank Commons, which was also brokered by CBRE, the firm said.

CBRE represented the seller, PIC Associates, and procured the purchasers, Bedford Realty Associates.

Additionally, the sale represents a fee interest in the land, which was ground leased to the neighboring property, expiring in September 2025. CBRE said it negotiated with the ground leaseholder to end the lease at the same time the land was sold.

Built in 1976, Putnam Green is located a short distance from the New York/Connecticut border and under a mile from 1-95.

The complex at 31 Putnam Green features 28 studio apartments, and 38 one-bedroom apartments, 34 of which are two story duplex-style units.

There are 62 surface parking spaces and 12 garage parking spaces. Apartment finishes include eight-foot ceilings, oak cabinetry, linoleum kitchen tiles, vinyl countertops, in-unit washer and dryers, and sliding aluminum glass doors with access to private outdoor patios and private balconies in select units.

"We are pleased to have represented our client, PIC Associates, in the sale of this exceptional multifamily asset in one of the nation’s most prestigious communities," said CBRE Vice Chairman Jeffrey Dunne in a prepared statement. "Putnam Green’s prime location on the Connecticut/New York border offers residents the best of both worlds—easy access to Manhattan and the charm of suburban Greenwich. The property's prime location and the unique nature of the sale, with the ground lease expiring, presented a compelling opportunity for Bedford Realty Group."

CBRE's Eric Apfel said the transaction "underscores our team's ability to navigate complex real estate challenges and deliver exceptional results." Travis Langer from CBRE also helped to complete the sale.

"We successfully facilitated the sale of the fee interest in a well-located, ground-leased property – a deal that demanded creative thinking and careful execution. A key hurdle was securing the ground leaseholder’s cooperation, which was not a requirement on their part. Their engagement was essential for a successful outcome," Apfel added. "We ultimately drove a highly competitive bidding process, achieving a cap rate in the low fours. The successful closing was thanks to the close collaboration of the seller, buyer, ground leaseholder, and their highly capable legal counsels. We are confident that Bedford Realty's vision for Putnam Green will be fully realized, and we are proud to have played a pivotal role in this transaction."