New Boston Fund Purchases Glen Hollow Apartments

Firm continues apartment repositioning strategy


Charlotte, NC - March 22, 2007 - New Boston Fund, Inc., a real estate investment, development and management firm, recently acquired Glen Hollow Apartments in Charlotte, NC. The deal is a joint-venture with Advenir, Inc.

Glen Hollow is a 336 unit apartment complex in the East Charlotte sub-market. The property consists of 22 two-story buildings on over 20 acres of land. Glen Hollow was built in 1972 and includes a fitness center, swimming pool, clubhouse and playground. The seller of the property is Jupiter Glen Central LLC.

"We saw a strong opportunity to work with an experienced and proven joint-venture partner and expand our holdings in the multi-family market," says Phillip Bakalchuk, Senior Vice President of Acquisitions for New Boston Fund. "Glen Hollow is also a great opportunity for apartment repositioning which is part of our strategy in the Southeast."

Repositioning of the apartment complex will include renovations to the unit`s kitchens, bathrooms and flooring. There will also be upgrades to the property`s common areas. The property is currently 94% occupied.

Glen Hollow is located on Central Avenue, a main road in Charlotte, North Carolina. It is near the Eastland Mall, the Central Avenue business district and downtown Charlotte.



About New Boston Fund, Inc.

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 $3.6 billion including 19 million square feet of commercial real estate and 6,200 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.