Brighton Apartment Building Sells For $145M To Private Equity Firm
The firm bought the 211-unit building, branded as 1550 on the Charles, from Watertown-based SMC Management Corp. Webster Bank provided $93.8M in financing to EQT Exeter, according to Banker and Tradesman
The apartment complex at 1550 Soldiers Field Road was proposed in January 2018 by Dinosaur Capital Partners LLC and was approved that May by the Boston Planning & Development Agency. It was part of a two-building development including a separate 38-unit income-restricted building at 21 Soldiers Field Road that wasn't part of this sale.
The developer broke ground a year later in 2019. It kicked off leasing June 28, marketing the building for summer move-ins and offering prospective tenants one month's free rent.
The property is managed by Greystar and includes a pet washing facility, a rooftop deck, EV charging and a fitness center.
In 2021, Exeter Property Group merged with EQT, and the firm is now in 45 markets in the Americas, Europe and Asia. EQT Exeter has over $30B in real estate assets, according to its website, including in U.S. markets like Philadelphia, Atlanta and Alexandria, Virginia.