New Boston Fund Acquires 448-Unit Apartment Complex

Tampa, FL (10/18/06)

Apartments are most recent commercial property purchase in Florida


New Boston Fund, Inc., a Boston-based real estate investment, development and management firm, recently announced the purchase of Preserve at Deer Park, a 448-unit apartment complex in the New Tampa submarket near the University of South Florida.

The Preserve at Deer park is a garden style apartment complex with 45 two and three story walk-up buildings. Property amenities include two clubhouses, two outdoor swimming pools, tennis courts, racquetball courts, a fitness center, playground and a pet run. The buildings are stucco style with wood trim.

The property was purchased from Sterling Equities. The broker on the sale was John Stone, CCIM and Jason Stanton of Colliers Arnold Commercial Real Estate Services.

"This joint venture project is an opportunity for us to expand our commercial portfolio in Florida," said Phillip H. Bakalchuk, Senior Vice President of Acquisitions at New Boston Fund. "We are acquiring a fully leased apartment property with value add potential".

BH Equities, New Boston Fund`s joint venture partner on the project, will oversee the day-to-day property management and implementation of unit upgrades. Improvements are planned for the interior of a portion of the apartment units.

The Preserve at Deer Park in Lutz, Florida, one mile east of 1-275 and ? mile north of the intersection of Bears Ave and Bruce B. Downs Blvd. It is minutes from the USF main campus which serves 32,000 students and includes two large hospital and research facilities.

About New Boston Fund
New Boston Fund is a privately held real estate investment and development company led by seasoned real estate practitioners and known for its exceptional returns for investors. New Boston has developed or acquired commercial and residential properties with a cumulative market value of over $3.3 billion including 19 million square feet of commercial real estate and 5,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban strategy real estate funds. The New Boston Fund: People, Values, Returns.