Marlborough site sold for $10M to help finance residential development
Photo | Timothy Doyle
The Point at Green District in Marlborough
A development site at 3000 Green District Blvd. in Marlborough, was sold for $10 million as part of a construction financing plan for the 242-unit second phase of the Green District development from Connecticut-based developer Post Road Residential.
An affiliate of The Carlyle Group, a Washington D.C. private equity firm with $375 billion in assets under management, purchased the property from a Post Road Residential affiliate on Thursday, according to the Middlesex South Registry of Deeds.
The first phase of the project, at 1000 Green District Blvd., is The Burrow, a 235-unit luxury apartment development opened in 2022.
Site work is underway on phase 2, and a building permit should be coming soon, said Brian Falk, an attorney at Worcester-based law firm Mirick O’Connell, who represents Post Road Residential on the project.
Post Road Residential and Boston-based Rockport Group purchased the larger development property which encompasses the sites of the two phases in 2021 for $14 million after the two phases of the five-phase project were approved by the City of Marlborough.
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