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February 13, 2023

Marlborough site sold for $10M to help finance residential development

Large apartment building 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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