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Boston, MA - August 2, 2007 - Boston Capital closed its investment in Broadstone Northlands
Apartments, a to-be-built 385-unit, class-A, garden-style apartment development in Thornton,
Colorado, located approximately 10 miles north of downtown Denver. This is Boston Capital's
third joint venture with Alliance Residential, a major multifamily developer in the United States,
with over 20 years of development and real estate experience.

"Broadstone Northlands Apartments provides us with an excellent opportunity to invest in
market rate apartments in an area experiencing strong retail, population and employment
growth," said Jeff Goldstein, executive vice president and director of Real Estate at Boston
Capital. "We are extremely happy to once again partner with Alliance Residential in this
development and look forward to growing our investment in new multifamily developments in
Colorado and throughout the country."

Broadstone Northlands Apartments will feature 234 one-bedroom, 130 two -bedroom and 21
three-bedroom units. Amenities will include a state-of-the-art fitness center, business center,
club room, swimming pool and spa. Averaging 922 square feet, each unit will feature nine-foot
ceilings, wood-style entry flooring, wood cabinets and full-size washers and dryers.

Broadstone Northlands Apartments will offer excellent access to Interstate 25, a major northsouth
artery in the Greater Denver area. The 26-acre site is located 15 miles to the west of
Denver's International Airport and within close proximity to employment centers, retail services
and over 1.5 million square feet of retail space. The site will also offer direct access to the
Denver Trail System, a network of hiking and biking trails spread throughout the Denver
Metropolitan Area.

About Boston Capital:

Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm
specializing in real estate and tax advantaged investments for multifamily housing, equity
investment in market rate apartment communities and renewable energy developments. As of
January 2007, Boston Capital's holdings included over 2,700 multifamily apartment properties
in 48 states and the District of Columbia, constituting nearly 158,000 apartments with a
development cost in excess of $11.5 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