New Boston Fund Expands Presence in Mid-Atlantic with Apartment Deals in Maryland and North Carolina

Boston-Based Real Estate Company Buys Pair of Quality Apartment Communities in Suburban Washington, D.C., and East Charlotte, N.C.


BOSTON - Jan. 11, 2006 - New Boston Fund, a Boston-based real estate investment, development and management firm active in East Coast and Midwest markets, today announced it has acquired two existing apartment complexes in East Charlotte, N.C., and the Washington, D.C., suburb of Laurel, Md. The two additional properties will add nearly 700 apartment units targeting the workforce-oriented housing market to New Boston Fund`s growing portfolio.

In November, New Boston Fund purchased Muirfield at Montpelier, a 386-unit apartment complex in Laurel, Md., just outside the Washington, D.C., metro area. New Boston Fund paid $38.6 million. The seller was not disclosed. The property was built in two phases in 1965 and 1968 and sits on 17.63 acres. When purchased, the complex was 96 percent occupied.

Major renovations were done to the interiors of the Class-B community in 2002. New Boston Fund plans to upgrade the property`s roofs and convert a building in front of the complex into a clubhouse that will contain the property`s leasing office, a business center and a first-class fitness center. The complex also features a resort-style swimming pool.
New Boston Fund owns five other buildings in Maryland, including Dulaney Crescent Apartments, a 264-unit Class-A apartment complex in Towson.

In a separate transaction, in partnership with Advenir Inc., of Miami, Fla., New Boston Fund purchased Casa Bella Apartments, a 296-unit complex in East Charlotte for $7.5 million, or approximately $25,300 per unit. The seller was not disclosed. The complex was built in two phases in 1982 and 1991 and sits on approximately 20.17 acres. The property is currently 65 percent occupied, and New Boston Fund and Advenir plan to invest an additional $4 million in renovations.

Casa Bella currently features two clubhouses with exercise facilities, sand volleyball courts, two resort-style swimming pools and a playground. Units range from one to two bedrooms, and most feature amenities such as fireplaces and washer/dryers.
New Boston Fund owns one other property in North Carolina: the Triangle Business Center, a four-building office complex in Durham totaling 394,214 square feet.

"These deals will continue to build our presence up in one of our strongest and most attractive markets," said Phil Bakulchuk, New Boston Fund`s Senior Vice President of Acquisitions. "It diversifies some of the Class-A products we have by adding to the portfolio with more stable workforce-oriented housing."
About New Boston Fund



Based in Boston, New Boston Fund is one of the fastest-growing private real estate investment, development and management firms in New England. Founded in 1993 by the Rappaport family of Boston, New Boston Fund owns and manages more than 13 million square feet of commercial real estate worth in excess of $1.5 billion.
About Advenir Inc.

Advenir, Inc., based in Miami, Fla., was founded in 1996 and is a premier provider of multi-family real estate. Advenir owns and manages a real estate portfolio valued in excess of $200 million, with properties located in Florida and North Carolina. The Company`s team of professionals offers expertise in property acquisitions, dispositions, asset management, rehabilitation and finance.