Greenwich Place at 31F Putnam Green in Greenwich, Connecticut — Courtesy: JLL
By Joshua Burd
Two high-end townhome complexes in Greenwich, Connecticut, are on the market for sale by way of new listings by JLL’s Morristown-based capital markets team.
The offerings, which are expected to draw regional, national and international interest, include the 272-unit Greenwich Place property at 31F Putnam Green, according to JLL. The firm noted that the 22-acre property is 96 percent occupied, offering investors a stabilized, cash-flowing asset that still has upside from the opportunity to renovate most of the homes.
To that end, JLL said the complex’s prior owner successfully renovated 22 percent of units, generating an average 22 percent return on capital or an $896 monthly premium. Rents for new leases are on average of 16.2 percent higher than previous rents, while rents for the previous 50 lease renewals are an average of 5.3 percent higher.
The collection of one-, two- and three-bedroom units also has a new amenity center with a clubhouse, a leasing office, a pool, a playground and grill stations completed in late 2024.
“Greenwich is a premier multi-housing location, blending top-tier schools, direct accessibility to Manhattan via the Metro North Railroad, (Interstate 95) and Route 1 and strong demographics with an average household income of $246,911 within a five-mile radius,” JLL wrote in its offering materials. “Although the market boasts premier connectivity and fundamentals, there is limited availability of institutional-quality multi-housing in the market.”
The firm’s Andrew Scandalios, Jeffrey Julien, Jose Cruz, Steve Simonelli, Austin Pierce and Devon Warren lead the marketing team, with Steven Klein and Robert Tonnessen available for financing advisory. They’re also marketing Greenwich Oaks, a 134-unit property on 35.53 acres at 255 Weaver St., where they’re touting a similar value-add opportunity with just 24 percent of units renovated.
The 21-building complex, whose apartments average 1,824 square feet, is 97 percent leased, JLL said. Amenities at the property include a pool, a children’s wading pool, a new playground, a modern fitness center and lighted tennis courts, among others.
