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Boston, MA – June 27, 2007 -- Boston Capital closed its investment in Avanti Cityside
Apartments, a 378-unit class-A, mid-rise apartment development located in Houston, Texas.
This is Boston Capital’s first joint venture with Internacional Realty, Inc. (IRI), headquartered in
San Antonio, Texas with assets located in Texas, Oklahoma, Georgia and Florida.

“Avanti Cityside Apartments provides us with an excellent opportunity to invest in market rate
apartments in Houston, an area experiencing strong population and employment growth,” said
Jeff Goldstein, Director of Real Estate at Boston Capital. "We are extremely pleased to be in
partnership with IRI. We look forward to growing our investment portfolio of high-quality
multifamily developments with premier partners throughout the country."

Avanti Cityside Apartments features 257 one-bedroom, 109 two -bedroom and 12 three-bedroom
units, which average 959 square feet. The building design includes one four-story building
adjacent to a five and one-half story parking garage, a three-story townhouse building and a
9,700 square foot leasing office and clubhouse. Amenities include a 1,900 square foot deluxe
fitness center, two resort-style pools, an internet cafe and resident activity room with a kitchen
and billiard table. All units offer washers and dryers, oversize “garden” bathtubs with ceramic
tile surrounds, intrusion alarms, 42” wood upper kitchen cabinets, laminate countertops,
premium grade carpets and ceramic tile entries.

The development is located off Highway 288 in the south central portion of Houston’s Loop
610, the city’s inner loop highway that encircles the central business district and provides
connections to most major highways in the city. Located within two miles of the Texas Medical
Center (TMC), Hermann Park, Rice University and the Houston Museum District, the site is
within close proximity to employment, retail services and entertainment centers.

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.

About Internacional Realty, Inc.
Internacional Realty, Inc. (“IRI”), headquartered in San Antonio, Texas, was founded in 1993 to acquire, develop, and manage apartment properties for its own account as well as for third parties. Presently, the company is focused on the acquisition of Class A properties nationwide with a four- pronged approach to its investment strategy by targeting “off-market” properties in lease-up, pre-sale commitments, stabilized properties, and portfolio transactions. As of June 2007, IRI’s holdings include approximately 10,000 units under control and management with a total value in excess of $1 billion.

For more information:
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

L. Miguel Arce
Partner
Internacional Realty, Inc.
405 N. St. Mary’s Street, Suite 850
San Antonio, TX 78205
(210) 281-1469 x222