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Boston, MA – October 13, 2006 - Boston Capital and Fairfield Residential announced the sale of Sansol
at Sonoran Foothills and Talus Ranch at Sonoran Foothills, located in the northwest corridor of
Phoenix, AZ. The combined price of the transaction was $62 million, or $129,166 per unit. Hendricks
Partners brokered the sale of the combined 480-unit market rate apartment communities on behalf of
Boston Capital and Fairfield, Boston Capital’s Joint Venture Partner in the development.

“This transaction is an example of Boston Capital’s ability to execute a strategy of joint venturing with
outstanding development partners to develop and sell class A apartments,” said Jeff Goldstein, chief
operating officer and director of Real Estate at Boston Capital. “The price-per-unit indicates the
strength of the Phoenix, AZ market and its attraction to investors, and reflects the favorable
investment characteristics we saw when we invested in and started development of Sansol and Talus
in late 2004.”

Fairfield Residential LLC, based in San Diego, CA, is a privately-owned development, construction and
property management company specializing in the multifamily sector. The company’s portfolio
includes more than 40,000 rental apartment units across 11 states, including Arizona, California,
Colorado, Florida, Nevada, North Carolina, Ohio, Oklahoma, Oregon, Texas and Washington.

About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a private equity firm specializing in real estate and
tax advantaged investments. As of January 2006, Boston Capital ’s holdings included over 2,650
multifamily apartment properties in 48 states and the District of Columbia, constituting over 147,000
apartments with a development cost in excess of $11.3 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
Senior Vice President
Director of Market Rate Housing
Boston Capital
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