New Boston Fund Promotes from Within to Advance Growth Strategy

August 4, 2011
By Barbra Murray, Contributing Editor

Developments. Acquisitions. New Boston Fund Inc. is making moves to increase its presence in key markets in the Northeast, Mid-Atlantic and Southeast, and recent promotions — including CFO and COO Tim Medlock’s appointment to the position of president — mark the latest step in the company’s investment strategy.

“As we continue to solidify our regional investment model and build momentum, these new appointments reflect New Boston’s commitment to its future success and dedication to empowering our talented senior management team,” James W. Rappaport, CEO and Chairman, told Commercial Property Executive.

Medlock will take on the responsibility of overseeing the private-equity real estate investment, development and management firm’s day-to-day operations and, along with chief investment officer Jim Kelleher, will play a vital part in implementing New Boston’s investment pursuits across its various funds. Medlock, a 12-year veteran of the company, will also spearhead the executive committee and oversee the launching of a new investment fund this fall. And those are just a few of the tasks on his plate.

“We have worked hard to evolve the New Boston organization and I am confident in Tim and Jim’s results-driven performance and strong leadership skills,” Rappaport said. “Over the past 12 months we’ve competed more than $100 million in acquisitions and we believe that the recent capital-markets bubble will continue to provide for attractive investment opportunities for several years as markets seek to re-calibrate, solidly positioning our firm for the future.”

Kelleher, who is also chairman of the investment committee, will continue to shape and orchestrate New Boston’s investment strategy, working with the firm’s regional directors, including Gary Hofstetter, who has been promoted to the position of northeast regional director. Hofstetter will also continue as head of the asset and property management division. Additionally, Mike Doherty will step into Medlock’s shoes as the new CFO, while maintaining his responsibilities as senior vice president of portfolio strategy,

“These appointments create a strong leadership team to capitalize on the opportunities in our key regional areas of focus,” Medlock said. “In addition to having a results-driven chief investment officer in Jim Kelleher, we have the unique advantage of having on-the-ground regional directors in each of our primary markets with Gary Hofstetter in the Northeast, Pat Shooltz in the Mid-Atlantic and Pryse Elam in the Southeast. They allow us to have eyes and ears in markets where we see opportunities to invest.”