]Representatives of CBRE, led by Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer, announced the sale of The Mill, a trophy mixed-use property in Greenwich, Conn., for $97.5 million. CBRE represented the seller, The Mill Owners Company LLC, and procured the purchaser. The sale represents the largest single-asset apartment community sale in Greenwich, Conn. history since 2006.
The Mill is a mixed-use community with 71 multifamily apartment units and 28,653 square feet of retail across five buildings. The apartments consist of 59 luxury apartments in the former mill (built in 1881) and a converted office building, plus 12 apartments located at 328 Pemberwick Rd.
“This is a bittersweet milestone for our group in parting with our last property in Greenwich,” said Steven Schacter, president at Mill Management. “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.”
Situated on the pastoral grounds of a 19th century cotton processing mill along the banks of the Byram River, The Mill blends 19th century craftsmanship heritage with contemporary luxury. The community creates an ambiance of a secluded waterside retreat with on-site eateries, specialty yoga, wellness and therapeutic services. The Mill was redeveloped in 2020/2021 by converting two office buildings — one dating back to 1881 and the other to 1981 — into apartments, balancing a modern luxury aesthetic with the historic industrial patina of the felt mill, with its exposed beams, 14-foot to 16-foot ceilings, wooden columns and crenelated masonry exterior.
“We are honored to have represented Steve Schacter and his partners in the sale of this incredibly well-done conversion from office to multifamily,” said Jeff Dunne, vice chairman at CBRE. “The Mill is a very special property that was significantly improved by the conversion and, as a result, achieved record pricing well over $1 million per apartment.”
“This is a bittersweet milestone for our group in parting with our last property in Greenwich,” said Steven Schacter, president at Mill Management. “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.”
