GREENWICH – Bedford Realty Associates has purchased the 66-unit Putnam Green apartment community from PIC Associates for $20.7 million, according to CBRE Group. It is the largest multifamily transaction in Greenwich since the 2012 sale of Millbank Commons, also brokered by CBRE.
The sale, which was led by Jeffrey Dunne, Eric Apfel, and Travis Langer of CBRE, represents a fee interest in the land, which was ground leased to the neighboring property, that was set to expire in September 2025. CBRE successfully negotiated with the ground leaseholder to agree to terminate the ground lease at the same time as the closing of the sale of the fee interest in the land.
“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 Dunne, CBRE vice chair. “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.”
Apfel explained the intricacies of a fee interest sale.
“This transaction underscores our team’s ability to navigate complex real estate challenges and deliver exceptional results,” he said. “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. We ultimately drove a highly competitive bidding process, achieving a cap rate in the low 4’s. “
Putnam Green’s unit mix contains 28 studios, and 38 one-bedroom apartments, 34 of which are 2-story duplex-style units. Residents enjoy 62 surface parking spaces and 12 garage parking spaces. Apartment finishes include 8-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.
Putnam Green, which was built in 1976, boasts some of the most affluent demographics in the country, with average annual household incomes of over $247,000 and average home value exceeding $1,500,000. Situated just 2 minutes from the New York/Connecticut border and under 1-mile from 1-95, Putnam Green offers residents convenient access to Manhattan, Westchester County, and Fairfield County.
CBRE Institutional Properties is currently marketing for sale: White Oaks at Wilton, a 100-unit community in Wilton. Multifamily development sites available for sale include a 233-acre waterfront development site in East Lyme and a 126-acre riverfront site in Farmington.
