Brighton’s new apartment complex sold for $145million
A private equity firm has paid $145million to acquire a newly completed apartment complex on Soldiers Field Road in Brighton.
EQT Exeter has acquired 1550 on the Charles, which currently offers one-bedroom apartments from $2,725 per month.
The seller was SMC Management Corp. of Watertown. Webster Bank provided $93.8 million in acquisition financing.
Located at 1550 Soldiers Field Road, the complex comprises 211 apartments. Common space amenities include a rooftop terrace with views of downtown Boston and the Charles River, a courtyard with grilling stations, and a coworking lounge.
The project was approved by the Boston Planning and Development Agency in May 2018 and began in August 2019. The development also includes 21 limited-income condominiums at 21 Soldiers Field Place.
EQT Exeter has over $30 billion in property assets and was created in 2021 from the merger of Exeter Property Group and EQT.
According to a recent report by Colliers, apartment rents in Greater Boston continue to climb above existing records. Greater Boston’s average rent could exceed $3 per square foot this year, and owners of brand-new properties in Boston’s Seaport neighborhood are now asking $5.83 per square foot in rent.
Rising mortgage rates lock in more potential buyers and benefit apartment owners and developers, the report said.
The area’s 4.2% vacancy rate is the lowest in more than a decade, Colliers reported. About 19,000 apartments are under construction in Greater Boston, down from the cyclical peak of more than 20,000 units.