The housing bust brought a wave of foreclosures to low-income and minority communities where nonprime lending had been concentrated. With falling demand from owner-occupants, private investors emerged as significant buyers of foreclosed properties. Yet, there has been little systematic assessment about the scale of investor activity in these communities, who they are, or what they do with the properties they acquire. As part of a series of four case studies, this study examines the role of investors in acquiring foreclosed properties in Boston and nearby cities to shed light on how these activities are likely to impact these communities.