A five-building, 71-unit apartment complex that was once a 19th-century felt mill has sold for $97.5 million to an undisclosed buyer, according to brokers representing the seller.
The sale of The Mill, at 328 Pemberwick Road, is the largest single-asset apartment community deal in Greenwich since Putnam Green — now called Greenwich Place — changed hands in 2006, according to CBRE, which says it also procured the buyer in the transaction.
CBRE didn’t disclose who was behind the purchase.
The seller was Mill Management, led by President Steven Schacter, who led the redevelopment of the site into apartments and retail space.
The Mill consists of 59 luxury apartments in the former 1881-built mill, and 12 units in a converted office building that was constructed in 1981, along the Byram River. It also has 28,653 square feet of retail space.
The Mill was redeveloped in 2020 and 2021 by converting two office buildings into apartments, CBRE said.
Mill Management carried out the office-to-residential conversion several years ago, CBRE said, in response to the changing nature of the office market.
“This is a bittersweet milestone for our group in parting with our last property in Greenwich,” Schacter said. “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.”
The property was appraised at $77.9 million and assessed at $54.6 million in 2024, according to property records.
CBRE brokers involved in the deal were Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer.
Apfel said the sale, which achieved pricing of over $1 million per apartment, represents the strength of the market.
“It 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,” Apfel said.
