Bonaventure Realty Group Continues Expansion in Hampton Roads With Purchase of Gates of West Bay Apartments

Norfolk, VA (6/19/06) - Bonaventure Realty Group has acquired the Gates of West Bay Apartments, bringing its total multi-family units owned and managed in the Hampton Roads market to 1,100 in the last nine months.

Bonaventure purchased the 202-unit, 1966 vintage property for $15.5 million, in partnership with New Boston Funds, Inc. The partners assumed an existing loan in the amount of $11.7 million from GEMSA Loan Services.

The purchase solidifies Bonaventure`s position in the market as the largest buyer of multi-family assets in the Hampton Roads market over the past 12 months, according to data from Real Capital Analytics. Bonaventure has begun work on a new Real Estate Opportunity Fund devoted to the Hampton Roads market, which it plans to announce in the coming weeks.

Bonaventure completed the acquisition of Brookfield Apartments, with 352 units, in May of this year. In August of 2005, Bonaventure purchased Ivystone Apartments, with 368 units, and Oak Lake Apartments, with 172 units, both located in Chesapeake. All properties have been running at near-100% occupancy since Bonaventure acquired them.

ABOUT BONAVENTURE
Founded in 1999 in Washington, D.C., Bonaventure Realty Group is a fully integrated real estate asset manager built around 40 years of experience in the multi-family industry. Bonaventure specializes in multi-family asset management, with services ranging from large-scale property development and re-development, investment advisory and property management. Bonaventure is the owner and manager of real estate assets valued in excess of $250 million, all located in the Mid-Atlantic and Southeastern US. For more information, visit www.bonaventure.com.

ABOUT NEW BOSTON FUND
New Boston Fund is a privately held real estate investment and development company led by experienced real estate practitioners, which owns and manages more than 18 million square feet of commercial real estate and 2,200 residential units worth more than $1.5 billion. We pride ourselves on a flexible and strategic approach that enables rapid action in any market cycle, yields exceptional returns for investors and partners and delivers a triple bottom line result through catalyzing investment in urban communities.