New Boston Fund Acquires 205 Unit Apartment Complex for $33.48 million

Acquisition in Woburn, Mass. lauded as core quality complex with steady cash flow


BOSTON, Nov. 19, 2003 - New Boston Fund, a Boston-based real estate investment, development and management firm, today announced that it has acquired a premier apartment complex in Woburn, Mass., for $33.48 million. The complex, known as Jefferson at Washington Crossing, totals 205-units spread through four apartment buildings. The property was developed and completed in July by JPI, a real estate firm based in Irving, Texas, that specializes in building apartment communities throughout the country. The sale was brokered by Simon J. Butler, Vice President/Partner and Biria St. John, Vice President of the CB Richard Ellis/Northeast Multi-Housing Team.

"This property is one of the highest quality apartment communities in Suburban Boston and offers an ideal location just north of the city," said New Boston Fund President Jerry Rappaport Jr. "It offers steady current cash flow for our portfolio, and highlights our investment strategy of targeting residential properties in markets with strong supply/demand fundamentals."

The property is a high quality, state-of-the-art apartment building that features an attractive and highly functional centralized clubhouse design. The four-story buildings are each served by elevators and all units have patio/balconies and washer/dryer. The property consists of 67 one-bedroom and 138 two-bedroom units.

Other onsite amenities include a residents-only business and conference center featuring office equipment and high-speed Internet, a resort-style swimming pool and clubhouse, a fitness facility, and theater-style media room.

The complex is very well located directly at the intersection of routes 128 and 93, just to the north of Boston. The site offers residents quick and easy access to Boston, as well as nearby office parks and companies such as Raytheon, Sun Microsystems, Oracle and Cisco Systems.

The apartment complex acquisition is the latest in a series of recent residential investments by New Boston Fund. On Cape Cod, the firm has joined forces with Northland Residential Corp., a New England residential builder and developer, to develop The Villages at Brookside, a 212-unit condominium complex in Bourne, Mass. In July, the companies announced that they had sold the first 40 condominiums at the Bourne complex. Additionally, New Boston Fund and Northland Residential are also actively planning for the development of a 120-unit condominium community on the grounds of McLean`s Hospital in Belmont, Mass.

"We are actively targeting residential acquisition and development opportunities along the East Coast," said Rappaport. "There is significant potential in residential investment, particularly in markets with high barriers-to-entry and where we can cater to the aging baby boom generation. We believe each of these projects are very strong investments that will serve us well in the long term."


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 more than $1.3 billion.