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CBRE Arranges Fee Interest Sale for Apartments on CT/NY Border
A CBRE team led by Jeffrey Dunne, Eric Apfel and Travis Langer closed the sale of Putnam Green, a multifamily apartment community totaling 66 units in Greenwich, CT. The $20.7-million sale represents the largest multifamily transaction in Greenwich since the 2012 sale of Millbank Commons, also brokered by CBRE. CBRE represented the seller of Putnam Green, PIC Associates, and procured the buyer, Bedford Realty Associates.
The sale represents a fee interest in the land, which was ground leased to the neighboring property, expiring in September 2025. CBRE negotiated with the ground leaseholder to agree to terminate the ground lease simultaneously with the fee interest closing.
Dunne said, “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.”
- ◦Sale/Acquisition
