The primary reason New Boston Fund is selling the property, headds, is that an "unfavorable" loan that transferred with theproperty, when it was acquired in 2004, had come up for prepayment.That, coupled with the emergence of new supply in the neighborhoodand submarket, prompted New Boston to put it on the market. "It wasthe timing of the loan that really drove the property salesstrategy," Bakalchuk says. "Otherwise we would have held onto itfor longer, as it was doing very well for us. It was one of ourbetter acquisitions."

A class A, four-story single building with a six-story 454-cargarage, Dulaney Crescent Apartments is home to mainly 'move-downbuyers'-- that is, adults who have sold their homes to move backinto low-maintenance apartments. This group could afford theincreases in rent New Boston put in place after it acquired thebuilding, Bakalchuk says.

"We had a demographic that was able to afford the rent increaseswithout too much of a stretch so there was little turnover."Occupancy is currently 98%; throughout New Boston's ownership itnever dropped below 95%, he says. When it took over, New Bostonraised the rents to approximately $1,400 from roughly $1,250.