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Boston, MA – February 7, 2008 -- Boston Capital Real Estate Partners, LLC (BCRE) closed
investments in Alexan Broadway Station, a to-be-built 419-unit development in Denver, CO and
Alexan at Briargate Apartments, a to-be-built 322-unit apartment development in Colorado
Springs, CO. These investments represent Boston Capital’s sixth and seventh joint ventures
with Trammell Crow Residential (TCR), one of the nation’s premier multifamily real estate
firms.

"These investments add two class-A apartment communities to BCRE ’s portfolio," said Mark
Dunne, Managing Director of BCRE. "“By teaming with premier developer partners like
Trammell Crow Residential, we are able to offer residents of Denver and Colorado Springs firstclass,
multifamily housing communities."

Located on a five-acre site, Alexan Broadway Station will offer 12 floor plans and include 261
one-bedroom and 158 two-bedroom apartments, averaging 860 square feet. Amenities will
include a state-of-the-art fitness center, pool and spa and a business center with a cyber -café.
Units will include wall-to-wall carpeting, brushed nickel lighting fixtures, thermafoil cabinets,
granite kitchen countertops, nine-foot ceilings, and simulated wood plank flooring in kitchens
and washer/dryers.

Alexan at Briargate Apartments will feature eight three and four-story, wood-frame buildings
including 136 one-bedroom, 165 two -bedroom and 21 three-bedroom apartments, which
average 976 square feet. The property will offer a state-of-the-art community center including a
leasing center, resident center and resort-style swimming pool. The resident center will offer a
business center, conference room, resident social hall, common area, state-of-the-art exercise
facility and garages. All units will feature nine-foot ceilings, ceramic tile entry flooring, custom
wood cabinets, walk-in closets, balconies/patios and washer/dryers hookups.

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
December 2007, Boston Capital’s holdings included more than 2,800 multifamily apartment
properties in 48 states and the District of Columbia, constituting nearly 168,000 apartments with
a development cost in excess of $11.8 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.

About BCRE:

Through a series of investment funds, Boston Capital Real Estate Partners (BCRE), LLC
provides equity for the development of new market rate apartment communities and engages in
the direct and joint venture acquisition of existing market rate multifamily residential properties.
Since the inception of BCRE in 2002, the company has invested in the acquisition and
development of approximately 12,000 units of market rate multifamily housing in 14 states. As
of January 2008, the total asset value of properties acquired for the market rate portfolio is in
excess of $1.4 billion.

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


Allison E. Marino
Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8678