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RENTAL PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2012
RENTAL PROPERTIES  
Schedule of rental properties

 

 

 
   December 31, 2012   December 31, 2011   Useful Life  

Land, improvements and parking lots

   $ 27,849,721   $ 27,614,537     15–40 years  

Buildings and improvements

     119,579,923     119,097,186     15–40 years  

Kitchen cabinets

     3,620,196     3,542,249     5–10 years  

Carpets

     3,354,593     3,307,499     5–10 years  

Air conditioning

     764,671     788,146     7–10 years  

Laundry equipment

     378,806     368,955     5–7 years  

Elevators

     1,139,296     1,139,296     20 years  

Swimming pools

     235,242     235,242     10 years  

Equipment

     1,586,591     1,744,006     5–7 years  

Motor vehicles

     101,657     107,788     5 years  

Fences

     22,445     22,974     5–10 years  

Furniture and fixtures

     1,038,136     1,039,439     5–7 years  

Smoke alarms

     205,091     116,482     5–7 years  
                 

Total fixed assets

     159,876,368     159,123,799        

Less: Accumulated depreciation

     (64,440,518 )   (60,199,265 )      
                 

 

   $ 95,435,850   $ 98,924,534        
                 
Schedule of real estate and accumulated depreciation

 

 
    
   Initial Cost to
Partnerships(1)		   Cost
Capitalized
Subsequent to
Acquisition(2)		   Gross Amount at Which
Carried at Close of Period		    
    
  
 
   Encumbrances
(First
Mortgages)		    
   Buildings
Improvements		    
   Buildings
Improvements		    
   Accumulated
Depreciation(3)		    
  
 
   Land   Improvements   Land   Totals   Date Acquired  

Boylston Downtown L.P. Residential Apartments Boston, Massachusetts

   $ 19,500,000   $ 2,112,000   $ 8,593,111   $ 7,116,107   $ 2,112,000   $ 15,709,218   $ 17,821,218   $ 9,086,787     July 1995  

Brookside Associates LLC Residential Apartments Woburn, Massachusetts

  
$
2,723,830		  
$
684,000		  
$
3,116,000		  
$
492,070		  
$
684,000		  
$
3,608,070		  
$
4,292,070		  
$
1,621,108		    
Oct. 2000		  

Courtyard @ Westgate Residential Units Burlington, Massachusetts

  
$
2,000,000		  
$
44,965		  
$
4,478,687		  
$
253,696		  
$
44,965		  
$
4,732,383		  
$
4,777,348		  
$
1,465,723		    
Sep. 2004		  

Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire

  
$
4,160,000		  
$
177,610		  
$
1,478,359		  
$
1,268,279		  
$
177,610		  
$
2,746,638		  
$
2,924,248		  
$
1,981,658		    
Sept. 1977		  

Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts

  
$
3,750,000		  
$
342,000		  
$
1,367,669		  
$
933,759		  
$
342,000		  
$
2,301,428		  
$
2,643,428		  
$
1,251,632		    
July 1995		  

Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts

  
$
14,780,000		  
$
1,410,000		  
$
5,664,816		  
$
1,616,613		  
$
1,410,000		  
$
7,281,429		  
$
8,691,429		  
$
4,373,285		    
July 1995		  

Condominium Units—Riverside Residential Units Massachusetts

  
$
—		  
$
23,346		  
$
190,807		  
$
22,428		  
$
23,346		  
$
213,235		  
$
236,581		  
$
205,326		    
Sept. 1977		  

Executive Apartments L.P. Residential Apartments Framingham, Massachusetts

  
$
2,415,000		  
$
91,400		  
$
740,360		  
$
758,449		  
$
91,400		  
$
1,498,809		  
$
1,590,209		  
$
1,128,556		    
Sept. 1977		  

Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts

  
$
4,893,448		  
$
1,341,737		  
$
8,457,497		  
$
31,849		  
$
1,341,737		  
$
8,489,346		  
$
9,831,083		  
$
612,568		    
Jun. 2011		  

Hamilton Cypress LLC Commercial—1031Exchange Brookline, Massachusetts

  
$
3,686,380		  
$
2,362,596		  
$
4,613,985		  
$
51,823		  
$
2,362,596		  
$
4,665,808		  
$
7,028,404		  
$
696,283		    
Oct. 2008		  

Hamilton Linewt LLC Commercial—1031Exchange Newton, Massachusetts

  
$
1,528,429		  
$
884,042		  
$
2,652,127		  
$
50,608		  
$
884,042		  
$
2,702,735		  
$
3,586,777		  
$
353,574		    
Nov. 2007		  

Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts

  
$
11,925,000		  
$
2,175,000		  
$
12,325,000		  
$
1,726,607		  
$
2,175,000		  
$
14,051,607		  
$
16,226,607		  
$
7,256,645		    
Dec. 1999		  

Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts

  
$
1,050,000		  
$
156,000		  
$
634,085		  
$
400,178		  
$
156,000		  
$
1,034,263		  
$
1,190,263		  
$
569,822		    
Dec. 1996		  

Linhart L.P. Residential/Commercial Newton, Massachusetts

  
$
1,964,119		  
$
385,000		  
$
1,540,000		  
$
1,157,151		  
$
385,000		  
$
2,697,151		  
$
3,082,151		  
$
1,769,651		    
Jan. 1995		  

Nashoba Apartments L.P. Residential Apartments Acton, Massachusetts

  
$
2,000,000		  
$
79,650		  
$
284,548		  
$
887,277		  
$
79,650		  
$
1,171,825		  
$
1,251,475		  
$
789,226		    
Sept. 1977		  

NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts

  
$
5,213,958		  
$
1,512,000		  
$
5,701,480		  
$
426,220		  
$
1,512,000		  
$
6,127,700		  
$
7,639,700		  
$
2,477,008		    
Jun. 2002		  

North Beacon 140 L.P. Residential Units Boston, Massachusetts

  
$
6,937,000		  
$
936,000		  
$
3,762,013		  
$
1,490,223		  
$
936,000		  
$
5,252,236		  
$
6,188,236		  
$
3,120,665		    
July 1995		  

Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts

  
$
3,080,000		  
$
46,181		  
$
878,323		  
$
1,161,011		  
$
46,181		  
$
2,039,334		  
$
2,085,515		  
$
1,345,108		    
Sept. 1977		  

River Drive L.P. Residential Apartments Danvers, Massachusetts

  
$
3,465,000		  
$
72,525		  
$
587,777		  
$
1,426,304		  
$
72,525		  
$
2,014,081		  
$
2,086,606		  
$
1,601,231		    
Sept. 1977		  

Redwood Hills L.P. Residential Units Worcester, Massachusetts

  
$
6,743,000		  
$
1,200,000		  
$
4,810,604		  
$
2,117,589		  
$
1,200,000		  
$
6,928,193		  
$
8,128,193		  
$
4,055,659		    
July 1995		  

School St Assoc LLC Residential Apartments Framingham, Massachusetts

  
$
15,308,474		  
$
4,686,728		  
$
18,746,911		  
$
(1,928,307
)
$
4,686,728		  
$
16,818,604		  
$
21,505,332		  
$
6,112,019		    
Apr. 2003		  

Staples Plaza Strip Mall Framingham, Massachusetts

  
$
6,000,000		  
$
3,280,000		  
$
4,920,000		  
$
36,724		  
$
3,280,000		  
$
4,956,724		  
$
8,236,724		  
$
2,235,613		    
May 1999		  

WCB Associates LLC Residential Apartments Brockton, Massachusetts

  
$
7,000,000		  
$
1,335,000		  
$
7,565,501		  
$
1,083,048		  
$
1,335,000		  
$
8,648,549		  
$
9,983,549		  
$
4,552,121		    
Dec. 1999		  

Westgate Apartments LLC Residential Apartments Woburn, Massachusetts

  
$
7,931,885		  
$
461,300		  
$
2,424,636		  
$
6,007,478		  
$
417,107		  
$
8,432,114		  
$
8,849,221		  
$
5,779,250		    
Sept. 1977		  
                                         

 

  
$
138,055,522		  
$
25,799,080		  
$
105,534,296		  
$
28,587,184		  
$
25,754,887		  
$
134,121,480		  
$
159,876,368		  
$
64,440,518		        
                                         
(1)
The initial cost to the Partnerships represents both the balance of mortgages assumed in September 1977, including subsequent adjustments to such amounts, and subsequent acquisitions at cost.

(2)
Net of retirements, which are not significant.

(3)
In 2012, rental properties were depreciated over the following estimated useful lives:
Schedule of estimated useful lives of rental properties

Assets
  Life  

Buildings and Improvements

     15–40 years  

Other Categories of Assets

     5–20 years  
Schedule of reconciliation of rental properties and accumulated depreciation

 

 

 
   December 31,  
 
   2012   2011   2010  

Rental Properties

                    

Balance, Beginning

   $ 159,123,799   $ 150,818,648   $ 150,411,555  

Additions:

                    

Buildings, improvements and other assets

     2,360,399     12,444,604     2,268,039  
               

 

     161,484,198     163,263,252     152,679,594  

Deduct:

                    

Write-off of retired or disposed assets

     1,607,830     2,437,555     1,860,946  

Rental properties held for sale and/or sold

     —     1,701,898     —  
               

Balance, Ending

   $ 159,876,368   $ 159,123,799   $ 150,818,648  
               

Accumulated Depreciation

                    

Balance, Beginning

   $ 60,199,265   $ 58,074,391   $ 54,439,618  

Add:

                    

Depreciation for the year

     5,849,083     5,750,989     5,495,719  
               

 

     66,048,348     63,825,380     59,935,337  

Deduct:

                    

Accumulated depreciation of retired or disposed assets

     1,607,830     2,437,555     1,860,946  

Accumulated depreciation of rental properties held for sale and/or sold

     —     1,188,560     —  
               

Balance, Ending

   $ 64,440,518   $ 60,199,265   $ 58,074,391