A still image from a drone video shot in June shows progress by Dellbrook|JKS on construction of the 1550 on the Charles development in Brighton. Photo courtesy of Dellbrook|JKS

A private equity firm has paid $145 million to acquire a newly-completed apartment complex on Soldiers Field Road in Brighton.

EQT Exeter acquired 1550 on the Charles, which currently lists one-bedroom apartments starting at $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 includes 211 apartments. Common area amenities include a roof deck with downtown Boston and Charles River views, a courtyard with grilling stations and co-working lounge.

The project was approved by the Boston Planning and Development Agency in May 2018 and broke ground in August 2019. The development also includes 21 income-restricted condominiums at 21 Soldiers Field Place.

EQT Exeter has over $30 billion in real estate assets and was formed in 2021 through the merger of Exeter Property Group and EQT.

According to a recent Colliers report, apartment rents in Greater Boston continue to climb above existing record highs. The Greater Boston average rent could top $3 per square foot this year, and owners of brand-new properties in the Boston Seaport District are now asking $5.83 per square foot in rent.

Rising mortgage rates are locking out more potential homebuyers and benefiting apartment landlords and developers, the report said.

The region’s 4.2 percent vacancy rate is the lowest in over a decade, Colliers reported. Approximately 19,000 apartments are under construction in Greater Boston, down from the cyclical peak of over 20,000 units.

New Brighton Apartment Complex Sold for $145M

by Steve Adams time to read: 1 min