Bedford Realty Buys Suburban Connecticut Apartment
This is the area's largest multifamily sale in over a decade.
Bedford Realty Associates has acquired Putnam Green, a 66-unit apartment community located in Greenwich, Conn., for $20.7 million. The seller and previous owner was PIC Associates.
Built in 1976, Putnam Green offers 28 studios and 38 one-bedroom units, most of which go up two stories. The units include eight-foot ceilings, oak cabinetry, vinyl countertops and washer/dryers. Some units include private patios and balconies. The property has 62 surface parking spaces and 12 garage spaces.
The sale represents the largest multifamily deal in Greenwich in well over a decade, according to CBRE, which represented the seller and procured the buyer. The previous record was held by the 2012 sale of Millbank Commons, a deal brokered by the same company.
The sale also represents a fee interest in the land, which had previously been ground leased to the neighboring property and was set to expire in September of this year. The ground leaseholder agreed to terminate the lease early.
Connecticut’s constricted market
Connecticut has seen a fair amount of development lately. For example, Toll Brothers Apartment Living, in partnership with CrossHarbor Capital Partners, opened its first rental property in Connecticut in April. The property, Julius, is a 356-unit upmarket community in Stamford that started receiving residents in September.Â
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Despite the influx of properties, the multifamily market in Connecticut is still tight, with a vacancy rate of 5.1 percent in the first quarter of 2025, according to NorthEast Private Client Group. Asking rents have grown 3.1 percent compared with the same quarter in 2024.
Investors are still interested in the market as well, the company notes. During Q1 2025, investors spent about $254.1 million on multifamily assets in the state, acquiring more than 1,250 units.
