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Carlyle Closes on $91M Acquisition of Constitution Quarters

BOSTON-Carlyle Realty Partners closes on its deal to purchase Constitution Quarters, a five-building complex in the Charlestown Navy Yard. The firm acquired the property for $90.5 million and plans to convert the 367 units into condominiums.

By Naomi Grossman | Updated on March 25, 2004

BOSTON-Carlyle Realty Partners closed on its deal to purchase Constitution Quarters, a five-building complex in the Charlestown Navy Yard. The firm, the real estate investment arm of the Carlyle Group, acquired the property from Martin Oliner, a locally based developer, for $90.5 million.

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.”

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