BPG Properties, Ltd. Completes Acquisition of Boston Capital Real Estate Investment...

BPG Properties, Ltd. Completes Acquisition of Boston Capital Real Estate Investment Trust

The Acquisition Adds Eleven Multi-Family Communities to the Firm's
Portfolio and is the Largest Acquisition Made on Behalf of Fund VIII
PHILADELPHIA--(Business Wire)--BPG Properties, Ltd. (BPG), a private equity real estate fund
manager, announced today that its current investment fund has
completed the acquisition of Boston Capital Real Estate Investment
Trust (BCRE), a publicly owned real estate investment trust, for
$13.30 per share in an all cash transaction. As a result of the
transaction, the firm has acquired an 11 property multi-family
portfolio, totaling 3,098 units located in the markets of Seattle,
Portland, Salt Lake City, Dallas and Jacksonville. The communities
will be managed by Madison Apartment Group, L.P. (Madison), BPG's
multi-family operating arm. The purchase was made by BPG Investment
Partnership VIII & VIIIA, L.P., a fully discretionary private equity
fund with total equity commitments of $850 million.

With a real estate value of approximately $260 million, this
acquisition represents the second largest multifamily transaction in
BPG's history, second only to the $314 million, 22 apartment community
portfolio the firm acquired in eastern Pennsylvania in January 2007.

"This transaction further cements BPG's status as one of the
nation's fastest growing real estate owners," explained Arthur P.
Pasquarella, Executive Vice President and Chief Operating Officer of
BPG. "Over the past five years, we have more than doubled our
investment portfolio, which includes more than 20 million square feet
of office, industrial and retail space and 25,000 multi-family units
throughout the U.S."

All of the assets in the BCRE portfolio are located in attractive
regional markets exhibiting strong job and population growth resulting
in favorable market dynamics. As an example, seven of the assets are
located in the western markets of Seattle, Portland and Salt Lake
City, each of which exhibits current market occupancies of at least 95
percent.

"This acquisition presented Madison with an opportunity to enter
desirable Western markets and expand our holdings in Texas and
Florida," said Joseph F. Mullen, President of Madison. "We believe our
vertically integrated management and operations approach, along with
our experience in acquiring and operating large multi-family
portfolios will benefit all of the communities within this portfolio."

BPG will immediately implement an extensive $15.5 million capital
expenditure program to upgrade the physical and operational quality of
the portfolio.

Wachovia Securities acted as the financial advisor to BCRE, while
Goodwin Proctor LLP provided legal advice. Pepper Hamilton, LLP acted
as legal counsel to BPG.

About BPG Properties, Ltd.

BPG Properties, Ltd. is a private equity real estate fund manager
based in the Philadelphia area. The firm's portfolio consists of over
20 million square feet of office, retail, student housing and
industrial properties and more than 25,000 apartment units in over 100
communities located throughout the United States. For additional
information on BPG, please visit www.bpgltd.com.

About Madison Apartment Group, L.P.

Since Madison Apartment Group was formed in 2001, its multi-family
holdings have increased to approximately 25,000 units located in 22
states throughout the United States. For additional
information, please visit the company's website at www.maglp.com

Maven Communications
Rebecca Devine, 267-546-9009
rdevine@mavenagency.com

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