<Page>

                                                                    Exhibit 10.8

                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.

                              SHARE REPURCHASE PLAN

     The Board of Directors (the "Board") of Boston Capital Real Estate
Investment Trust, Inc., a Maryland corporation (the "Company"), has adopted and
elected to implement a share repurchase plan (the "Repurchase Plan") by which
shares of the Company's Common Stock ("Shares") may be repurchased by the
Company from shareholders subject to certain conditions and limitations. The
effective date of this Repurchase Plan is May 1, 2004.

     1.   REPURCHASE OF SHARES. The Company may, at its option, repurchase
Shares presented to the Company for cash, subject to the limitations regarding
availability of funds and the aggregate amount of shares the Company is
permitted to purchase under the Repurchase Plan, and certain other conditions
and restrictions. Any and all Shares the Company purchases under the Repurchase
Plan will be canceled, and will have the status of authorized but unissued
Shares. Any and all Shares the Company acquires through the Repurchase Plan will
not be reissued unless such Shares are first registered with the Securities and
Exchange Commission under the Securities Act of 1933 and under appropriate state
securities laws or otherwise issued in compliance with such laws. Only shares
held by a shareholder for more than one year will be eligible for purchase under
the Repurchase Plan.

     2.   REPURCHASE PRICE. The repurchase price at which Shares may be sold
back to the Company are as follows:

          (a)  ONE YEAR FROM THE PURCHASE DATE AND DURING A PUBLIC OFFERING OF
THE SHARES. The repurchase price shall be the less of: $9.15 per Share; or the
purchase price the shareholder actually paid for the Shares.

          (b)  ONE YEAR FROM THE PURCHASE DATE AND DURING PERIODS THE COMPANY IS
NOT ENGAGED IN A PUBLIC OFFERING OF THE SHARES. During periods when the Company
is not engaged in an offering, the repurchase price per Share, will be based on
periodic updates on the value of the Company's properties in the portfolio, as
the board of directors determines based upon the Company's audited financial
statements. The board of directors of the Company will announce any price
adjustment and the time period of its effectiveness as a part of its regular
communications with shareholders.

     3.   FUNDING OF REPURCHASE PLAN. The Company is permitted, for the purpose
of repurchasing Shares, to use proceeds from its Dividend Reinvestment Program
("Reinvestment Program") and other operating funds, if any, as the Board, in its
sole discretion, may reserve for this purpose.

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          (a)  Dividend Reinvestment Program. The full amount of the proceeds
from the Reinvestment Program attributable to any calendar quarter may be used
by the Company to repurchase Shares presented during that calendar quarter.

          (b)  Excess Available Funds. In the event that the proceeds from the
Reinvestment Program exceeds the amount needed to repurchase the Shares for
which repurchase requests have been submitted in a particular calendar quarter,
the Company may (but shall not be obligated to) carry over such excess amount to
the subsequent calendar month(s) for use in addition to the amount of proceeds
available from the Reinvestment Program.

          (c)  Insufficient Available Funds. In the event that the proceeds from
the Reinvestment Program are insufficient in amount to repurchase all of the
Shares for which repurchase requests have been submitted in a particular quarter
(or in the event, honoring all repurchase requests would violate the Aggregate
Number of Shares Limit described in Section 4(e) below), the Company shall
repurchase only those Shares for which it has available funds (and which would
not violate the Aggregate Number of Shares Limit), on a pro rata basis for that
calendar quarter. A shareholder whose Shares are not repurchased due to
insufficient proceeds or because of the Aggregate Number of Shares Limit in that
calendar quarter will have his request honored. A shareholder whose Shares are
not repurchased may withdraw his request for repurchase by notifying the Company
in writing before the last day of the quarter. The Company cannot guarantee that
it will be able to repurchase all Shares for which a repurchase request is
received.

          (d)  Percentage Limitation. To the extent the Company has funds
available from sources described in subparagraphs 3(a) and 3(b) above, the
Company may effect repurchases of Shares; provided, however, at no time during
any consecutive 12-month period may the number of Shares repurchased by the
Company under this Repurchase Plan exceed three percent (3%) of the number of
Shares outstanding at the beginning of such 12-month period.

     4.   SHAREHOLDER REQUIREMENTS. Any shareholder may elect to participate in
the Repurchase Plan with respect to all or a designated portion of the
shareholder's Shares, subject to the following conditions and limitations:

          (a)  Holding Period. Only Shares that have been held by the presenting
shareholder for more than one (1) year are eligible for repurchase by the
Company. If a shareholder dies during the one year holding period, the Board, in
its sole discretion, may waive the holding period for the shareholder's
beneficiaries or heirs, as appropriate.

          (b)  Aggregate Number Of Shares Limit. Subject to sufficient funds
being available, the number of Shares repurchased during any calendar year shall
be limited to three percent (3.0%) of the weighted average number of Shares
outstanding during the prior calendar year. Fractional shares may not be
presented for repurchase.

<Page>

          (c)  Written Requests. A shareholder may request that the Company
repurchase the shareholder's Shares by submitting a written request, to Mr.
Jeffrey Goldstein, President Boston Capital Real Estate Investment Trust, Inc.,
One Boston Place, Suite 2100, Boston, MA 02108-4406. The written request must
state the name of the person/entity who owns the Shares, the date of purchase of
the Shares and the number of Shares to be repurchased. Written requests for
shall be accepted on a on a calendar quarter basis, subject to the limitation
set forth in Section 4(b) above and subject to funds being available.

          (d)  Assignment Form. Generally within one week of submitting the
written request, the Company shall send an assignment form for execution by the
shareholder or the shareholder's custodian/trustee along with a request to
return the certificate of ownership. The assignment must be properly executed,
and the certificate of ownership must be properly endorsed and presented to the
Company.

          (e)  Insufficient Available Funds. It is possible that a shareholder
may not have the entire written request honored due to the funds available for
the Repurchase Plan. If the Company does not have sufficient funds available for
repurchase of the entire request, the Company will purchase only those Shares
for which sufficient funds are available; and prorate its purchases from the
aggregate requests from the requesting shareholders. The Company will place the
requesting shareholder who does not have their entire request honored on a
waiting list until funds become available sufficient to complete the
transaction. If there are no funds are available for the Repurchase Plan when a
repurchase is requested, the shareholder may withdraw the written request, or
ask that the Company honor the request when funds are available.

          (f)  No Encumbrances. All Shares presented for repurchase must be
owned by the shareholder(s) making the presentment, or the party presenting the
Shares must be authorized to do so by the owner(s) of the Shares. Such Shares
must be fully transferable and not subject to any liens or other encumbrances.
Upon receipt of the assignment form, the Company will conduct a Uniform
Commercial Code (UCC) search to ensure that no liens are held against the Shares
at the cost of $100 to the shareholder, which will be deducted from the proceeds
of the repurchase. The repurchase will occur on a pro rata basis assuming all
documentation is complete, including a negative response from a UCC search. If
the UCC search determines that a lien exists against the Shares, the Company
will charge the requesting shareholder for the UCC search.

          (g)  Withdrawal Of Written Request. In the event a shareholder wishes
to withdraw the written request to have the Shares repurchased, the shareholder
must notify the Company in writing. The Company will not repurchase that
shareholder's Shares so long as the Company receives the written request to
withdraw prior to the date payment is sent to the applicable shareholder. If the
Company conducts the UCC search prior to receiving the shareholder's written
request to withdraw, the shareholder will be responsible for payment of the $100
UCC search fee regardless of such withdrawal.

<Page>

          (h)  Deadline for Presentment. The Company will repurchase Shares on
or about the last day of each calendar quarter.

     5.   TERMINATION OF REPURCHASE PLAN. This Repurchase Plan shall terminate
or be suspended, as the case may be, and the Company will not accept Shares for
repurchase upon the occurrence of any of the following:

          (a)  In the event the Shares are listed on any national securities
exchange, or are subject of bona fide quotes on any inter-dealer quotation
system or electronic communications network, or are subject of bona fide quotes
in the pink sheets; or

          (b)  In the event the Board determines it to be in the best interest
of the Company to suspend or terminate the Repurchase Plan.

     6.   AMENDMENT. This Repurchase Plan may be amended in whole or in part by
the Board, in its sole discretion, at any time or from time to time.

     7.   MISCELLANEOUS.

          (a)  Notice. If the event the Company terminates, reduces or otherwise
change the Repurchase Plan, the Company will send a written notice to
shareholders informing them of the such termination or change with at least
thirty days advance written notice, and the Company will disclose the changes in
quarterly reports filed with the Securities and Exchange Commission on Form
10-Q.

          (b)  Liability. Neither the Company nor the Repurchase Agent (as
defined below) shall have any liability to any shareholder for the value of the
shareholder's Shares, the repurchase price of the shareholder's Shares, or for
any damages resulting from the shareholder's presentation of this Shares or the
repurchase of the Shares under this Repurchase Plan, except as result from the
Company's or the Repurchase Agent's gross negligence, recklessness, or violation
of applicable law; provided, however, that nothing contained herein shall
constitute a waiver or limitation of any rights or claims a shareholder may have
under federal or state securities laws.

          (c)  Taxes. Shareholders shall have complete responsibility for
payment of all taxes, assessments, and other applicable obligations resulting
from the Company's repurchase of Shares.

          (d)  Repurchase Agent. The Repurchase Agent, Boston Capital
Securities, Inc., shall be a member of the NASD.

<Page>

                                    EXHIBIT C
PINNACLE REALTY MANAGEMENT COMPANY
                     Reimbursable Employee Expense Schedule

<Table>
<S>                                                      <C>                                                 <C>
Company Name: PINNACLE REALTY MANAGEMENT COMPANY         Property Name:         ALDERWOOD PARK
                                                                                Total Sq. Ft.   143,350      # of Units     188
</Table>

                     STAFFING SCHEDULE AND ESTIMATED PAYROLL


<Table>
<Caption>
                                                                      [ILLEGIBLE] PAYROLL [ILLEGIBLE] (PERCENTAGE OF
                                                                              SALARY & MONTHLY DOLLAR AMOUNT)
                           FULL OR PART TIME                      ------------------------------------------------------
     POSITION                     %            MONTHLY SALARY          FICA             FUTA/SUTA
------------------------------------------------------------------------------------------------------------------------
<S>                               <C>          <C>                <C>                <C>                <C>
                                                                             8.50%              4.10%               1.90%
Manager                           100%         $      3,350.00    $        284.7     $        137.3     $          63.65
                                                                             8.50%              4.10%               1.90%
Asst. Mgr.                        100%         $       ,850.00    $        157.2     $         75.8     $          35.15
                                                                             8.50%              4.10%               1.90%
Leasing Consultant                 50%         $        950.00    $         80.75    $         38.95    $          18.05
                                                                             8.50%              4.10%               1.90%
Maint. Manager                    100%         $      2,500.00    $        212.50    $        102.50    $          47.50
                                                                             8.50%              4.10%               1.90%
Painter                           100%         $      1,700.00    $        144.50    $         69.70    $          32.30
                                                                             8.50%              4.10%               1.90%
Porter                             50%         $        650.00    $         55.25    $         26.65    $          12.35
                                                                             8.50%              4.10%               1.90%
       TOTALS                                  $     11,000.00    $        935.00    $        451.00    $         209.00

<Caption>
                             [ILLEGIBLE] PAYROLL [ILLEGIBLE] (PERCENTAGE OF SALARY & MONTHLY DOLLAR AMOUNT)    TOTAL MONTHLY
                             ------------------------------------------------------------------------------   PAYROLL (TOTAL %
                                                                                                 OTHER            BURDEN &
     POSITION                                                         PAYROLL PROCESSING FEE                  MONTHLY PAYROLL)
------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>                <C>                <C>                   <C>                <C>
                                          6.8 %              8.42%              2.00%       15% Monthly                   0.80%
Manager                        $        197.00    $        282.00    $         67.00       $     502.50       $       4,884.25
                                         10.  %             1 .24%              2.00%       15% Monthly                  42.38%
Asst. Mgr.                     $        197.00    $        282.00    $         37.00       $     277.50       $       2,911.75
                                         10.32%                                 2.00%       15% Monthly                  28.92%
Leasing Consultant             $         98.00                       $         19.00       $     142.50       $       1,347.25
                                          7.88%             11.28%              2.00%       15% Monthly                  35.68%
Maint. Manager                 $        197.00    $        282.00    $         50.00       $     375.00       $       3,766.50
                                         11.59%             10.59%              2.00%        8% Monthly                  44.88%
Painter                        $        197.00    $        282.00    $         34.00       $     136.00       $       2,595.50
                                         15.08%                                 2.00%        8% Monthly                  31.58%
Porter                         $         98.00                       $         13.00       $      97.50       $         952.75
                                          8. 5%             10.25%              2.00%             1 .92%
       TOTALS                  $        984.00    $      1,128.00    $        220.00       $   1,531.00       $      16,458.00
                                                                                           $/SF/YEAR          $           1.38
                                                                                           $/UNIT/YEAR        $       1,050.51
                                                                                           $/UNIT/MONTH       $          87.54
</Table>

* PLEASE NOTE THE ABOVE PAYROLL PROJECTIONS DO NOT INCLUDE O/T AND/OR CHANGES TO
  THE APPROVED BUDGETS.

                                                                        Staffing
                                                               Section IX Part 4

                                        2