Greenwich Apartment Community Sells For Record-Breaking $97.5M, Real Estate Firm Says

GREENWICH, CT — The Mill, a mixed-use property along the Byram River in Greenwich, has been sold for $97.5 million in what real estate firm CBRE says is the largest single-asset apartment community sale in the town since 2006 (Putnam Green, now known as Greenwich Place).

CBRE Vice Chairman Jeff Dunne, along with Eric Apfel, Stuart MacKenzie and Travis Langer, represented the seller, The Mill Owners Company LLC, and secured the buyer.

The Mill includes 71 multifamily apartments and 28,653 square feet of retail space across five buildings. The residential units comprise 59 luxury apartments within the former 1881 mill and a converted 1981 office building, as well as 12 additional apartments nearby on Pemberwick Road.

The property, redeveloped in 2020 and 2021, combines industrial details such as exposed beams and masonry with modern amenities. Retail tenants include restaurants and wellness services.

"This is a bittersweet milestone for our group in parting with our last property in Greenwich," said Mill Management President Steven Schacter in a news release. Mill Management owned the site for more than 40 years.

"The Mill is a special property. Greenwich has been a special town for us for over two generations and over six decades, from our first single-family homes in the 60s to Putnam Green and Weaver’s Hill, Greenwich Office Park, and finally to The Mill," Schacter added.

CBRE officials said the project demonstrates the market potential for office-to-residential conversions.

"We are honored to have represented Steve Schacter and his partners in the sale of this incredibly well-done conversion from office to multifamily," Dunne said in a news release. "The Mill is a very special property that was significantly improved by the conversion and, as a result, achieved record pricing well over $1 million per apartment."

Eric Apfel, first vice president at CBRE, said the deal "represents a triumphant success story for office-to-residential conversions, which are notoriously challenging to execute economically, and it serves as a beacon for lenders and developers alike, demonstrating that these price points are achievable."

CBRE also represented the sale of Putnam Green - a 66-unit property - earlier this year.