A 406-unit apartment portfolio in Greenwich has sold for $350 million in one of Connecticut’s largest multifamily real estate deals this year.
RMR Residential, a Newton, Massachusetts-based multifamily investment and management firm, acquired the portfolio through a joint venture with institutional investors. The portfolio includes the 272-unit Greenwich Place at 31 Putnam Green and the 134-unit Greenwich Oaks at 255 Weaver St.
The properties were sold by LCOR, a multifamily development and investment firm with offices in New York City, Maryland and Pennsylvania.
According to Greenwich land records, Greenwich Place sold for $215.5 million, while Greenwich Oaks sold for $141 million, based on state conveyance tax filings. The deal was financed with a $235 million mortgage loan from Wells Fargo, land records show.
RMR Residential is a division of The RMR Group Inc., a publicly traded real estate services company. In its second-quarter earnings report, RMR Group disclosed that the acquisition was completed through a joint venture in which RMR serves as a co-general partner alongside an institutional investor and another co-general partner.
It didn’t name the other investors.
RMR said it acquired a 5% ownership stake in the portfolio, contributing about $6.4 million in equity. The company said it is entitled to acquisition, asset management, construction management and property management fees related to the investment.
