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Boston, MA - August 14, 2007 -- Boston Capital closed its investment in Alta Ravenwood
Apartments, a to-be-built 240-unit, class-A, townhome-style development located in Tempe,
Arizona. This is Boston Capital's third joint venture with Wood Partners, one of the premier
multifamily companies in the country.

"We are pleased to again partner with Wood Partners in this development and look forward to
growing our investment in new multifamily developments in Arizona and throughout the
country," said Jeff Goldstein, executive vice president and director of Real Estate at Boston
Capital. "Alta Ravenwood Apartments will offer residents of Tempe and the Greater Phoenix
area, currently experiencing strong population, employment and rent growth, a first-class,
multifamily housing community."

Alta Ravenwood Apartments will feature 48 two -story, wood-framed buildings containing 47
two-bedroom units, 119 two-bedroom/den apartments and 74 three-bedroom units, with an
overall unit average of 1,389 square feet. All apartments will include a direct access two-car
attached garage. Amenities will include a resort-style swimming pool and state-of-the-art
fitness center. The development will offer a business center with multiple computers and a
cyber cafe with a kitchenette, bar and WiFi.

Located within one mile of both Interstate 10 and State Highway 60, and within three miles of
the 101 Freeway, Alta Ravenwood Apartments will offer excellent access to surrounding
employment centers, Sky Harbor International Airport and downtown Phoenix. The
development is approximately three miles south of downtown Tempe, the Mill Avenue District,
the campus of Arizona State University (ASU) and four miles northwest of the ASU Research
Park, home to more than 30 research and development companies including Texas Instruments,
Honeywell, and GE Healthcare.

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


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