Press Release
Boston Capital Closes Equity Investments With Total Development Cost of $160 Million
January 09, 2007
150 kb
Boston, MA – January 9, 2007 – In December 2006, Boston Capital closed on equity investments in
new luxury apartment developments with a total development cost of approximately $160 million, two
of which were joint ventures with Fairfield Residential.
“These developments provide us with excellent opportunities to invest in luxury apartment
communities in major metropolitan areas experiencing significant growth,” said Jeff Goldstein,
Director of Real Estate at Boston Capital. "We are extremely pleased to be in partnerships with
Fairfield Residential. We look forward to growing our investment portfolio of high-quality multifamily
developments with premier partners throughout the country."
Beaumont Apartments
Located in Woodinville, WA, 14 miles northeast of downtown Seattle, Beaumont Apartments is a to -
be-built 344-unit Class-A apartment development which will feature three four-story, wood-framed
buildings with attractively-designed exterior finishes and garage parking. The development will offer
58 studios, 164 one-bedrooms (including 14 units with dens) and 122 two-bedroom units (including
26 units with dens), with units averaging 856 square feet. Community amenities will include a resortstyle
swimming pool and spa as well as a state-of-the-art fitness center, business center and club
room. Unit amenities will include full size washers and dryers, spacious walk-in closets, oversized
windows, decorative window blinds and large patios with additional storage. Total development costs
are approximately $80 million.
Centerview Apartments
Located in Raleigh, NC, Centerview Apartments, a to-be-built 374-unit Class-A apartment
development, will feature 206 one-bedroom, 140 two-bedroom, and 28 three-bedroom apartments,
which average 965 square feet. Amenities will include garage and carport parking, a state-of-the-art
fitness center, business center and club room as well as a resort-style swimming pool and heated spa.
Unit amenities will include washers and dryers, spacious walk-in closets, oversized windows,
decorative window blinds, contemporary custom cabinetry, double sinks and large patios with
additional storage. Select units will feature fireplaces, vaulted ceilings, generous pantries, and built-in
bookcases, shelves and computer desks. Total development costs are approximately $44 million.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a private equity firm specializing in real estate and
tax advantaged investments for multifamily housing. As of September 2006, Boston Capital ’s holdings
included nearly 2,700 multifamily apartment properties in 48 states and the District of Columbia,
constituting over 152,000 apartments with a development cost in excess of $11.4 billion. Boston
Capital is the fourth largest owner/investor of apartment properties in the country and the 11th
largest owner of real estate property in general.
For more information contact:
Mark W. Dunne
Managing Director
Boston Capital Real Estate Partners, LLC
One Boston Place
Boston, MA 02108-4406
(617) 624-8769
David Gasson
Vice President
Director of Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8896
150 kb
Boston, MA – January 9, 2007 – In December 2006, Boston Capital closed on equity investments in
new luxury apartment developments with a total development cost of approximately $160 million, two
of which were joint ventures with Fairfield Residential.
“These developments provide us with excellent opportunities to invest in luxury apartment
communities in major metropolitan areas experiencing significant growth,” said Jeff Goldstein,
Director of Real Estate at Boston Capital. "We are extremely pleased to be in partnerships with
Fairfield Residential. We look forward to growing our investment portfolio of high-quality multifamily
developments with premier partners throughout the country."
Beaumont Apartments
Located in Woodinville, WA, 14 miles northeast of downtown Seattle, Beaumont Apartments is a to -
be-built 344-unit Class-A apartment development which will feature three four-story, wood-framed
buildings with attractively-designed exterior finishes and garage parking. The development will offer
58 studios, 164 one-bedrooms (including 14 units with dens) and 122 two-bedroom units (including
26 units with dens), with units averaging 856 square feet. Community amenities will include a resortstyle
swimming pool and spa as well as a state-of-the-art fitness center, business center and club
room. Unit amenities will include full size washers and dryers, spacious walk-in closets, oversized
windows, decorative window blinds and large patios with additional storage. Total development costs
are approximately $80 million.
Centerview Apartments
Located in Raleigh, NC, Centerview Apartments, a to-be-built 374-unit Class-A apartment
development, will feature 206 one-bedroom, 140 two-bedroom, and 28 three-bedroom apartments,
which average 965 square feet. Amenities will include garage and carport parking, a state-of-the-art
fitness center, business center and club room as well as a resort-style swimming pool and heated spa.
Unit amenities will include washers and dryers, spacious walk-in closets, oversized windows,
decorative window blinds, contemporary custom cabinetry, double sinks and large patios with
additional storage. Select units will feature fireplaces, vaulted ceilings, generous pantries, and built-in
bookcases, shelves and computer desks. Total development costs are approximately $44 million.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a private equity firm specializing in real estate and
tax advantaged investments for multifamily housing. As of September 2006, Boston Capital ’s holdings
included nearly 2,700 multifamily apartment properties in 48 states and the District of Columbia,
constituting over 152,000 apartments with a development cost in excess of $11.4 billion. Boston
Capital is the fourth largest owner/investor of apartment properties in the country and the 11th
largest owner of real estate property in general.
For more information contact:
Mark W. Dunne
Managing Director
Boston Capital Real Estate Partners, LLC
One Boston Place
Boston, MA 02108-4406
(617) 624-8769
David Gasson
Vice President
Director of Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8896