Carlyle plans to convert the 367-unit complex into condominiums. The buildings currently contain a mix of studio, one- and two-bedroom apartments plus a group of two- and three-story luxury rental residences.
In approving the sale, Boston Redevelopment Authority director Mark Maloney called the project "a real win for our city--and a victory for one of the city's hallmarks, the Navy Yard." He added that "by activating and invigorating Boston's waterfront, while also bringing quality homeownership opportunities to the city, Constitution Quarters will go far in terms of reaching our goals for development in Boston."
Carlyle says it is committed to preserving the "historic nature" of the property. The firm plans on implementing what it terms an "aggressive" program of capital improvements and amenities upgrades. Each unit will be marketed with its own garage parking space.
"Constitution Quarters is a unique property in one of Boston's greatest waterfront neighborhoods," says Ed Samek, senior associate at the Carlyle Group. Samek adds that the property was an attractive investment opportunity because of its close proximity to Downtown Boston and its skyline views as well as its location in "a waterfront neighborhood." The public sales process is expected to begin this summer.
The Charlestown Navy Yard was decommissioned in 1974 and was acquired by the Boston Redevelopment Authority. Constitution Quarters was developed as residential apartment buildings in the early 1980s as the first phase of the Navy Yard's redevelopment.
Carlyle's most recent residential investment in the area is Strada234 on Causeway Street in the North End. Its other Boston area properties include the 40 Court St. office building. The company says it plans to continue growing its Boston presence.
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