West End rentals find market hot
By Scott Van Voorhis
Tuesday, November 27, 2007
If proof is needed that Boston?s rental market is hot, look no farther than the new West End Apartments, the first building of which is set to open today.
Many of the 104 units in the centerpiece, 14-story mid-rise, dubbed the Vesta, are already rented out.
That includes a top floor penthouse unit, that, at $9,990 a month, is one of the most expensive rentals in the city.
That monthly payment gets you 1,275 square feet of space and panoramic views of Boston?s cityscape, from the Charles River to the towers of the Financial District.
While the city is awash with newly built luxury condos, the high-end rental market is just now catching up - after years when few new rentals were built, said Greg White, a vice president of development with Equity Residential, which is building the new rental complex.
And that puts a premium on deluxe units like the two-bedroom, two-bath penthouse atop the Vesta, White contends. Overall rents at the new West End Apartments, taking shape on the campus of Charles River Park, start at $2,200 a month for one bedroom and go up from there.
?There is some pent-up demand,? White said.
The West End Apartments, next door to Massachusetts General Hospital, joins a small but growing group of luxury apartment communites in Boston. New high-rise apartment buildings are taking shape on Boston?s waterfront, near Fenway Park, and in the Theater District, even as the condo market has struggled.
The opening of the Vesta is just the first of a number of new buildings planned for the new West End Apartments. Hundreds of additional units are slated to open up over the next year.
While the project is upscale, Equity Residential is not focusing solely on the amenities as it markets the new rental community. It?s also playing up the neighborhood feel of the West End and the Charles River Park campus.
?We just have a good community feel,? White said.
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