A 66-unit multifamily apartment community in the affluent New York City suburb of Greenwich, Connecticut, has been sold for $20.7 million.
The sale of Putnam Green, which was built in 1976, is the largest multifamily transaction in Greenwich since 2012. The sale represents a fee interest in the land, which was ground leased to the neighboring property, expiring in September
CBRE (NYSE: CBRE) represented the seller, PIC Associates, and procured the purchasers, Bedford Realty Associates. CBRE’s First Vice President Eric Apfel stated, “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. 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.”
