The complex is located at the intersection of routes 128 and 93. Nearby office parks and companies include Raytheon, Sun Microsystems, Oracle and Cisco Systems. The four, four-story buildings consist of 67 one-bedroom and 138 two-bedroom units. The property features a business and conference center, a swimming pool and clubhouse, a fitness facility and theater-style media room.

"This property is one of the highest quality apartment communities in suburban Boston and offers an ideal location just north of the city," says New Boston Fund president Jerry Rappaport Jr. "It offers steady current cash flow for our portfolio, and highlights our investment strategy of targeting residential properties in markets with strong supply/demand fundamentals."

This is the latest in a series of residential investments by New Boston Fund. On Cape Cod, the firm has joined forces with Northland Residential Corp., a New England residential builder and developer, to develop the Villages at Brookside, a 212-unit condominium complex in Bourne, MA. Additionally, New Boston Fund and Northland Residential are planning for the development of a 120-unit condominium community on the grounds of McLean Hospital in Belmont, MA.

"We are actively targeting residential acquisition and development opportunities along the East Coast," notes Rappaport. "There is significant potential in residential investment, particularly in markets with high barriers to entry and where we can cater to the aging baby boom generation. We believe these projects are very strong investments that will serve us well in the long term."