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Boston, MA – August 8, 2007 --Boston Capital closed its investment in Alexan Tolleson
Apartments, a to-be-built 492 unit, class-A, luxury apartment development in Tolleson, AZ,
located 15 miles southwest of downtown Phoenix.   This is Boston Capital’s fourth joint venture
with Trammell Crow Residential (TCR), one of the nation’s premier multifamily real estate
firms.

"Alexan Tolleson Apartments provides us with an excellent opportunity to invest in market rate
apartments in the greater Phoenix submarket, an area experiencing significant population and
employment growth," said Jeff Goldstein, Director of Real Estate at Boston Capital."We are
extremely pleased to once again be in partnership with Trammell Crow and look forward to
growing our investment portfolio of high-quality multifamily developments with premier
partners throughout the United States."

Alexan Tolleson Apartments will feature a mix of flats, carriage houses and town homes,
containing 200 one-bedroom, 244 two-bedroom and 48 three-bedroom units, some with attached
direct-access garages. Amenities will include three resort-style swimming pools, spas and a
state-of-the-art fitness center.   The property will also feature a business center and a cyber café
with computers and WiFi. All units will offer ceramic tile flooring in entries, kitchens and
bathrooms, full-size washers and dryers, faux granite countertops, breakfast bars, built-in
microwaves and black GE kitchen appliances.

Alexan Tolleson Apartments will offer residents access to major freeways and retail, industrial,
distribution and business centers. The site is about one-half mile south of Interstate 10 and Loop
101, providing excellent access to surrounding employment centers, Sky Harbor International
Airport, downtown Phoenix, the world-class Peoria Sports Complex and the new Cardinals
Stadium.

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