SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2017

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 18—SUBSEQUENT EVENTS

On March 9, 2018, Hamilton Highlands, LLC (“Buyer”), a Massachusetts limited liability company whose manager is NewReal, Inc. (“New Real”), the general partner of New England Realty Associates Limited Partnership (the “Partnership”) entered into a purchase and sale agreement (the “Purchase Agreement”) with Webster Green Apartments LLC, a Massachusetts limited liability company (the “Seller”) to acquire Webster Green Apartments,  a 79 unit apartment complex located at 755-757 Highland Avenue, Needham,  Massachusetts (the “Property”), for a purchase price of $34.5 million. In connection with the execution of the Purchase Agreement, Buyer paid into escrow a deposit in the amount of $500,000 to be applied against the purchase price at the closing of the purchase of the Property. The Buyer expects to assume a $21.5 million mortgage currently outstanding on the Property, with the balance of the purchase price to be paid from the Partnership’s cash reserves and line of credit. The Buyer’s sole member is New England Realty Associates Limited Partnership.

The closing of the acquisition of the Property is subject to numerous customary undertakings, covenants, obligations and conditions and is expected to be completed on or before March 31, 2018.