Urban Strategy Fund : A new Boston Real Estate Fund

USA Fund Purchases Errichetti Apartment Portfolio

404 units of senior housing in Waterbury, Southington and Wolcott
 

Hartford, Conn. (October 23, 2008) – The Urban Strategy America (‘USA’) Fund, a New Boston real estate investment fund, announced today the purchase of a 404-unit portfolio of senior housing apartments from the Errichetti family, in a joint-venture partnership with Beacon Communities. The portfolio consists of eighteen buildings on four separate properties: Exchange Place Towers, Flanders West, Countryside I and Countryside II.  The portfolio is located in Waterbury, Southington and Wolcott, CT.


The USA Fund was launched in 2004 and executes on the promise of a triple bottom line - generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.


“The Errichetti Portfolio was extremely attractive to the USA Fund and our investors as it furthers our goal of providing affordable housing to the communities we invest in. We hope that this investment continues to demonstrate our commitment to the state of Connecticut where we have been investing for more than ten years,” said Kirk Sykes, President, Urban Strategy America Fund. “We are also looking for additional Section Eight projects in key markets as we continue to diversify our portfolio.”


“From the investment perspective, this acquisition will bring a stable, consistent cash flow to the fund with the in-place government contracts,” stated John Dragat, Chief Investment Officer, Urban Strategy America Fund.  “The buildings are 99% leased which makes this an attractive investment for the portfolio.”


Exchange Place Towers is a 150-unit 11-story apartment building developed in 1983 and located near the town square in Waterbury.  Flanders West is a 145-unit mid-rise apartment community located in Southington that was developed in 1976. Countryside I and II are a 55- and 54-unit attached townhouse-style apartment communities comprising eight buildings each developed in 1982 and located in Wolcott.


The portfolio purchase was made with funds from USA Fund I.


In Connecticut, New Boston has investments in residential projects in Bridgeport with Lofts 881, and in Niantic at 38 Hope Street. New Boston also currently owns 22 commercial properties in Hartford and Fairfield Counties totaling 2.4 million square feet, as well as 226 class “A” apartment units in Middletown.


 

About the USA Fund


The Urban Strategy America ('USA') Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.


 

About New Boston Fund


New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation.  The New Boston Fund: People, Values, Returns.

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