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New Boston Fund Plans to Invest $150M

TYSONS CORNER, VA-The Washington area will play a key role in New Boston Fund's efforts to build out both development and acquisition activities along the Mid-Atlantic.

By Erika Morphy | Updated on July 05, 2006

TYSONS CORNER, VA-The New Boston Fund, which first entered the Washington, DC market in 1999, is getting set to expand its portfolio here as well as in other markets in the Mid-Atlantic region. The firm plans on investing some $150 million for the remainder of the year.

Leading this initiative will be Patrick Connell, the firm’s newly named vice president of asset management for the Mid-Atlantic region, based in the Tysons Corner office. “We are now actively pursuing a diversified investment strategy, focusing on both acquisitions, JV and development across all asset classes,” he tells GlobeSt.com. The New Boston Fund hopes to fill a senior development position as well. “That will solidify our commitment to the Mid-Atlantic and DC markets.”

“We are looking for someone on the ground who knows these markets thoroughly.” As for potential acquisitions, he says, the company is looking for value-add opportunities such as buying vacancies for repositioning, for instance.

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