New Boston Fund Buys Plantation Creek Apartments near Atlanta, Georgia

Atlanta, GA - (9/1/06)? Firm plans major apartment renovations with experienced joint venture partner

New Boston Fund, a real estate investment, development and management firm, recently confirmed the purchase of Plantation Creek, a 484-unit garden-style apartment complex just north of Atlanta, GA.

New Boston Fund, together with its joint venture partner, is planning a major renovation and repositioning of the property`s layout, as well as the exterior and interiors apartment units over the next 3 years to improve the property`s appeal. New Boston Fund expects increased demand for rental apartments in Atlanta`s metropolitan region and nearby cites such as Sandy Springs, due to a lull in new construction, growth of the young professional population, increasing costs of home ownership, and the increasing appeal of close-in locations with convenient access to mass transit. Improvements to Plantation Creek will include new pavement, completely new exterior siding, extensive landscaping improvements, a refurbished club house, and renovations to apartment unit bathrooms, kitchens and flooring.

"This purchase will allow New Boston Fund to capitalize on the growth and the housing need for moderately priced rental apartments in booming, high demand markets such as Atlanta," says Phillip Bakalchuk, Senior Vice President of Acquisitions for New Boston Fund. "We are working with an industry leading JV partner to reposition the existing property, increase occupancy and rent levels, and provide the top tier rates of return to our investors."

The almost 34-acre property has a swimming pool, two lighted tennis courts, a sand volleyball court, a playground and a poolside picnic area with grills. Unit amenities include screened-in patios and walk-in closets. The apartments are located in thirty-seven, 2 and 3-story walk-up residential buildings.

The JV partner for this project is TVO Real Estate Services. TVO will provide the day-to-day property management, upgrades and leasing effort. Cushman & Wakefield brokered the deal.

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 19 million square feet of commercial real estate and 4,492 residential units worth more than $2.4 billion.